Secondaries’ Journey to Mainstream Private Market Dominance
Secondaries describe deals where investors trade existing stakes in private market funds or assets instead of allocating capital to brand‑new primary investments. Once considered a niche space largely shaped by liquidity‑seeking distressed sellers, these transactions have transformed into a core private market strategy that now reaches across private equity, private credit, real assets, and venture capital.The growth of secondaries reflects structural changes in how private markets operate, how investors manage portfolios, and how capital seeks efficiency in an uncertain macroeconomic environment.The Structural Forces Driving Mainstream AdoptionA range of enduring forces helps explain how secondaries have shifted from the periphery into…
