Secondaries Fund Intelligence

The secondaries market has exploded from a niche liquidity solution to a $130+ billion annual market, fundamentally reshaping how private markets participants manage portfolios. LP-led secondaries provide liquidity to pension funds and endowments rebalancing allocations, while GP-led continuation vehicles allow managers to hold winning assets beyond traditional fund lives. The growth of continuation funds has been the defining trend, with over 70% of secondary deal volume now GP-led. This creates unique opportunities and risks for investors evaluating manager quality, asset pricing, and alignment of interests. GP stakes buyers are particularly interested in managers with active secondaries practices due to the recurring transaction fees and management fees on long-duration vehicles. Our platform tracks secondary fund performance, continuation fund launches, and the growing universe of dedicated secondaries managers.