GP-Leds

As buyers position themselves in the market, they need to ensure they have all the ‘whistles and bells’ to cater to sellers and investors, CVC Secondary Partners’ head, Carlo Pirzio-Biroli, tells PEI Secondaries Investor.

Bridgepoint’s and PennantPark’s continuation vehicles will acquire a total of roughly $2bn of private credit investments.

A total of 66 CVs were known to have closed in the first half of 2026, up significantly from the 40 logged during the same period last year.

Over 95% of LPs in Gainline’s original fund housing the asset elected to take the liquidity option provided to them in the transaction, PEI Secondaries Investor understands.

Secondaries could offer a vital exit route for impact funds, but alignment between buyer and seller is key, writes Marieke Spence, executive director of Impact Capital Managers.

About 20% of Carrick Capital Partners’ Fund II LPs opted to roll their equity into the $600m continuation vehicle, says co-CEO Jim Madden.

Scale has become a competitive edge in a rapidly expanding secondaries market.

The rapid growth of the secondaries market has led to suggestions that it could see transaction volumes of $500bn – or even $1trn – by 2030. Just four years out from this deadline, are such predictions realistic?

While continuation vehicles present an interesting opportunity for fund finance, concentration risk and a reluctant investor base pose a challenge.

Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets, prioritising performance opportunities over liquidity concerns.