Juxtaposed against the rapid growth of the broader private capital markets, the secondary market has developed into a core allocation for many sophisticated investors. We believe the emergence of sub-markets in the secondary space and the adoption of secondary sales as a proactive portfolio management tool are driving factors in the future growth of the GP-led market.

Key Takeaways

• Secondaries are now a core allocation for sophisticated private markets investors.
• General Partner (GP)–led secondaries and continued private markets maturation will likely continue to drive overall secondary market growth and innovation – we believe the market will double or triple in size in the next five years.
• Distinctive attributes that drive differentiation for secondaries as a strategy – and differentiation among managers – will likely continue to persist.

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