How private equity became hooked on second-hand deals
Elite private capital firms have piled into the secondaries market as they race to attract assets
Elite private capital firms have piled into the secondaries market as they race to attract assets

Secondaries market has boomed in recent years as pension funds and endowments seek to exit investments

So-called continuation vehicles set to account for a fifth of sales by the sector in 2025

Popularity of evergreen vehicles with wealthy individuals could ‘fundamentally alter the landscape of private equity’

Investors question if some institutions rubber-stamp deals that could benefit other businesses

What matters most is how capital was deployed and underwritten

Larger funds’ global share of commitments slides as fundraising winter drags on