Secondaries

Kline Hill leads on Plaza Ventures’ CV for digital advertising company

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.

Secondaries may have a benchmarking problem

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.

The so-called ‘zombie fund’ problem persists and LPs are concerned

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

Fund finance has moved to a multi-instrument and life cycle-wide toolkit – FFA conference

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 brings PE focus to single-asset CVs

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.

Madison International names founder Dickerman’s future successors

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.

Pantheon’s infra secondaries surpasses target as fund sizes build

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

ADIC makes senior secondaries hire to oversee portfolio

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

Achieving scale in infra secondaries

The sub-asset class has been described as one of the most undercapitalised private market strategies – while estimates for future growth are high, there are structural elements to consider.

‘A buyer’s market’: AllianzGI’s growing focus on infra secondaries

Allianz Global Investors’ co-heads of infrastructure funds and co-investments Maria Aguilar-Wittmann and Tillman Mueller have identified ‘a lot of attractive opportunities’ in the market, which grew to $20bn-$25bn of volume in 2025.