Inside secondaries' expansion into private wealth

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1. 

   E27 · 16 Mar 2026 · 45 min

   Is credit secondaries having its ‘moment’?

   This episode is sponsored by Dawson Partners, StepStone Group and Davis Polk Ongoing uncertainty within private markets over the past year has helped fuel interest in credit secondaries. Institutions have turned to private credit looking for relatively stable returns. Furthermore, managers and LPs are turning to the secondaries market for liquidity as they look to manage their own portfolios. “Those have dovetailed together to create this tailwind behind private credit secondaries,” Davis Polk partner Sijia Cai said on the latest edition of Secondaries Investor’s Second Thoughts podcast. “It…

2. 

   E26 · 20 Feb 2026 · 35 min

   Secondaries' next iteration: market capitalisation in 2026 and beyond

   Secondaries volumes to date in 2026 are ahead of what they were at the same period last year, driven by a lack of distributions, with investors taking advantage of strong prices. LPs have become even more sophisticated in the past few years. A factor that is aiding their sophistication is the rise of asset class-focused products, offering them the ability to bring portfolios to market that are met with the right cost of capital. New entrants are coming to the market in earnest. These players represented 16 percent of the $226 billion of deal volume seen last year, compared with just 7…

3. 

   E25 · 6 Jan 2026 · 30 min

   What’s driving European secondaries activity?

   The European secondaries market saw a string of sizeable deals across the course of 2025, with expected growth continued both this year and beyond. European managers CapVest, Montagu, Norvestor and PAI Partners secured CV-on-CV transactions over the course of last year, with CVC, Inflexion and TDR Capital also securing sizeable CVs, to name just a few. Belgian holding company Groupe Bruxelles Lambert and APG Asset Management also scored large LP-led portfolio deals. In this episode, editor Madeleine Farman is joined by Gabriel Möllerberg, managing director at Goldman Sachs Asset Management,…

4. 

   E24 · 1 Dec 2025 · 52 min

   The new era of GP-led secondaries

   This episode is sponsored by Lexington Partners, LGT Capital Partners and Davis Polk In 2024, GP-led deals hit a record of $71 billion in transaction volume, accounting for 44 percent of the total secondaries market volume of $160 billion, according to Evercore’s FY 2024 Secondary Market Review. This is significant and marks the increasing popularity of continuation vehicles as an exit route. In this episode, Secondaries Investor senior editor Adam Le is joined by Lexington Partners’ Jeffrey Bloom, LGT Capital Partners’ Brooke Zhou and Davis Polk’s Leor Landa. The trio explore how GP-led…

5. 

   E23 · 2 Oct 2025 · 26 min

   Unpacking the early rise of GP stake secondaries

   GP stake secondaries transactions are steadily gaining traction as investors seek exposure to leading private equity firms. Though still in their early stages, these deals are often described as offering some of the most attractive risk-return profiles in today’s volatile market. In this episode, Jon Costello, founder of Devon Park Advisors, and Christopher Zook, founder and chief investment officer of CAZ Investments, join Americas correspondent Hannah Zhang in a discussion on the forces driving the rise of GP stake secondaries. With approximately $10 billion in assets, CAZ Investments has…

6. 

   E21 · 9 Jul 2025 · 32 min

   Infra LP-leds rule by volume, but GP-leds are sizeable

   This episode first appeared on The Infrastructure Investor Podcast In this special crossover episode from our affiliate title, Infrastructure Investor editor-in-chief Bruno Alves sits down with Madeleine Farman, editor of Secondaries Investor, as well as Infrastructure Investor Americas editor Zak Bentley, to talk about the infrastructure secondaries market. The discussion tracks the evolution of the burgeoning infrastructure secondaries market, the asset class’s best-in-class pricing compared to other private asset classes, how LP-led deals rule by volume but GP-led transactions end up…

7. 

   E20 · 16 Jun 2025 · 44 min

   The opportunity surrounding uncertainty

   This episode is sponsored by Pomona Capital and Proskauer While the Trump administration's tariff announcements and the subsequent unfurling of uncertainty globally does create some headaches, it also creates a tailwind for the LP-led secondaries market. "What the market has trouble adjusting to is uncertainty. And what happens in times of uncertainty, like the times we're dealing in now, is that [M&A and IPO] transactions tend to pull away," Michael Granoff, founder and chief executive of Pomona Capital, said in the latest edition of Secondaries Investor's Second Thoughts podcast. "That…

8. 

   E19 · 9 May 2025 · 22 min

   What’s next for StepStone after its record real estate fundraise?

   As volatility pushes real estate investors to look for liquidity, secondaries can provide some attractive solutions. Now, StepStone Group has a record-setting fund in its arsenal to seize the opportunities. StepStone now manages the largest dedicated real estate secondaries vehicle raised to date having closed StepStone Real Estate Partners V on $3.77 billion in commitments last month. An additional $730 million from separately managed accounts brings the total haul to $4.5 billion. In this episode, Jeffrey Giller, head of real estate at StepStone, speaks to reporter Silas Sloan on how the…

9. 

   E18 · 24 Apr 2025 · 34 min

   What's driving the growth of private credit secondaries

   Private credit secondaries has the potential to surpass private equity in deal volume over the longer term as more secondaries investors pursue yield and diversification amid market volatility. Over the past year, several billion-dollar-plus deals have emerged in the credit secondaries space, including Coller Capital's recent acquisition of a $1.6 billion portfolio from American National and TPG Angelo Gordon's $1.5 billion continuation fund. Firms like Coller, Pantheon, Apollo Global Management and Ares Management have also launched dedicated credit secondaries strategies. In this episode,…

10. 

    E17 · 18 Apr 2025 · 18 min

    Behind the organisation opening doors to students of colour in secondaries

    Within private markets asset classes, there is certainly further room for improvement when it comes to diversity of talent – and one secondaries professional is taking matters into his own hands. Diversity in Secondaries Initiative (DISI) is a non-profit organisation focused on creating a more collective environment within the secondaries market for people of colour. Primarily, it seeks to find more opportunities to mentor, train and ultimately fill junior-level roles in the market with students that are in undergraduate programmes. In this episode, Peter Wright – a director advising on NAV…