Single Assets

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.

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

Cross-fund investments are generally used for single-asset CVs as secondaries investors expect GPs to be ‘as much all-in on trophy, crown-jewel assets as they possibly can be’, according to William Blair’s Tom Marking.

Our inaugural survey takes the temperature of LP, GP, buyer and provider attitudes towards this fast-growing market.

Secondaries Investor’s inaugural survey of LPs, secondaries buyers, GPs and advisers offers a complete view of the market and the direction it’s heading in. Conducted in partnership with Goodwin.

Critics argue CVs entrench managers or delay inevitable exits. However, structured with transparency and fairness, these funds align interests rather than obscure them, writes AEA Investors’ and Painswick Capital’s John Garcia.

Variable profit-sharing structures are designed to foster alignment between sponsors and secondaries buyers – but an influential LP group says investors should be wary.

While infrastructure CVs tend to be completed at or above fair market price, LPs are doubtful that these deals mark the best price that could be achieved, according to panellists at PEI Group’s Infrastructure Investor Global Summit 2026.

The firm’s seventh fund may invest across a wide range of secondaries strategies.

People moves within the secondaries advisory community have continued apace as firms jockey for competitive position.