Tariffs

Blackstone anticipates its busiest year for secondaries deployment

President and COO Jon Gray expects the secondaries market will continue to grow as LPs seek out liquidity – though he anticipates the ‘re-emergence of M&A activity at scale’ this year.

US secondaries defy unsettled markets

The US secondaries market may have notched up record levels of deal activity in 2024, but global trade uncertainty and volatility elsewhere in the markets leave the situation delicately poised.

Volatility a trial by fire for evergreen community

Tariff turmoil could battle test the resolve of individual investors and their suitability for the burgeoning community of semi-liquid private markets funds.

Amid volatility, superannuation funds may look for buying opportunities

While Australian super funds may buy ‘if the price is right’, these pensions are closely monitoring the long-term impacts of current volatility.

StepStone raises largest-ever real estate secondaries fund with $4.5bn haul

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

Can the secondaries market still hope to hit $200bn this year?

Opinions vary over whether the asset class will outstrip 2024’s record-breaking deal volume total, or whether recent uncertainty will cause it to miss the mark.

Credit secondaries on course to outstrip PE’s dominance

The credit secondaries market is being rolled out ‘on steroids’, says Coller’s Michael Schad on the latest episode of Second Thoughts.

Single-asset CV opportunities to take off amid tariff uncertainty

Managers will seek to tap the secondaries market to keep hold of their prized assets while M&A remains muted – however, the single-asset space remains significantly undercapitalised.

Buyers have ‘strong demand’ for LP-led deals despite uncertainty – PJT

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

How the LP-led market will evolve in the midst of tariff uncertainty

Secondaries investors are ‘adding the equity risk premium for all the unknowns’ and breaking down deals into smaller bites to better manage risks.