Secondaries

CV performance to diverge as asset quality widens – StepStone

The GP-led market is expected to see a more ‘mixed-quality’ set of assets come through, according to StepStone’s Philippe Ferneini.

Japanese LPs find credit secondaries a challenging prospect

‘Asymmetry’ of information and lack of look-through are preventing some investors from participating, according to speakers at PEI Group’s Private Debt Investor Tokyo Forum.

Diversification at the fore of fundraising

Four debut strategies – including three focused on single-asset CV investments – ranked among the top 10 fundraises in Q1 2026. As LPs seek diversification, expect to see more of these funds drive figures.

Majority of CVs see both tiered carry and dual return metrics – Morgan Lewis

Over half of CVs have carried interest waterfalls with both IRR and MOIC return thresholds, according to the law firm’s upcoming report on CV term trends.

Pantheon, Ardian launch private wealth products dedicated to infra

Pantheon has been given the regulatory green light for its evergreen Global Infrastructure Secondaries Fund, while Ardian has launched an evergreen feeder fund to tap Australian wholesale investors.

LPs look to blindpool fund side letters for more visibility on CVs: Morgan Lewis – updated

Some LPs are finding themselves as forced sellers in CVs because of the length of time given in election periods.

Coller to expand under EQT’s ownership; plots 2026 launch for next fundraising cycle

The pair expect to expand into real asset secondaries and build out an insurance offering as the secondaries firm plans its next flagship and credit raise.

Secondaries becoming a fixture of managing capital for Partners Capital’s LP clients

Even though some return mechanisms secondaries buyers have historically looked to are less attractive in today’s market, the OCIO firm is encouraging its clients to participate in the growing secondaries market both as a buyer and to reshape its programmes as a seller.

GP-led secondaries: CVs prompt diverging opinions

While the GP-led market is booming, perceptions differ when it comes to rationale, valuations and alignment.

Goodwin: Why innovation is core to the secondaries market

The secondaries industry has always been solutions-focused. That continues to be the case as the market expands rapidly in both breadth and depth, say Goodwin partners Ravi Chopra and Jacqui Eaves.