Insights 2026 | View on Secondaries

In Insights 2026, we see secondaries playing a growing role as investors seek liquidity, faster distributions and more active portfolio management in a low-DPI environment. With distributions lagging and private markets AUM continuing to expand, many GPs and LPs are turning to the secondary market to reshape exposures, shorten duration and recycle capital into higher conviction strategies. Our focus is on smaller and middle-market transactions, where we believe our platform, relationships and underwriting capabilities provide a clear edge.

Key Takeaways

• Secondaries can improve portfolio liquidity and shorten duration, with faster distributions than typical primary commitments.
• Historical returns have been attractive, with lower dispersion and reduced blind-pool risk versus traditional private equity funds.
• We target both GP-led continuation vehicles and LP portfolio sales, with an emphasis on lower and middle-market buyout exposure.
• Our priorities include growing dedicated secondaries capital, staying disciplined on pricing and focusing on deals where our platform provides an access and information advantage.