Secondaries

Secondaries buyers are increasingly asking advisers to source fund financing for CVs to optimise returns, according to a speaker at the European Fund Finance Symposium.

The industry body’s prior guidance was ‘silent on a lot of things’, chief executive Jennifer Choi tells Secondaries Investor.

The deal gives Plaza more time with StackAdapt amid AI disruptions, with the firm’s investment considered one of the high-returning Canadian venture deals of all time.

The lack of standardisation when it comes to benchmarking secondaries raises questions about how the strategy should be measured and whether traditional PE benchmarks are a good fit.

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Increased appetite from Institutional investors, access to liquidity and the proliferation of bespoke structures have accelerated change in fund finance, according to panellists at the European Fund Finance Symposium.

Painswick Capital views single-asset continuation vehicles as a PE business and has built its firm around that thesis, founder John Garcia and partner James Powers tell Secondaries Investor.

Following a multi-year selection process, two senior executives have been elevated as eventual heads of the business, while three have departed the secondaries manager.

Both Pantheon’s and Ardian’s latest flagships rank among the largest infra secondaries funds ahead of formal final closes.

Mubadala’s indirect investments arm, which launched its secondaries unit in 2024, deployed $19bn in 2025.