Silas Sloan
Volatility, new entrants and increased specialisation elevated the secondaries market to new heights in 2025.
New opportunities are arising for LPs, but there are ongoing pain points to address.
Semi-liquid strategies can provide benefits to LPs, but they aren’t a one-size-fits-all solution.
With more players and larger funds, the secondaries market is seeing a lot of continuation vehicles north of $1bn. The long-term growth of sizeable deals requires significant backing.
PSG Europe III is targeting a 3.0x gross MOIC and 30% gross IRR, according to documents prepared for the New Jersey State Investment Council.
CIO Jill Schurtz will be able to commit up to $750m to commingled funds, separate accounts, secondaries transactions and dedicated co-invest vehicles.
Secondaries lawyers advised on a record-breaking amount of transaction volume in 2024.
Pricing in real estate secondaries remains challenging, with some assets seeing discounts upwards of 50% of NAV.
More capital was raised for secondaries in H1 2025 than during any other first half since the strategy’s inception.
More than half of investors are seeking to buy and sell LP-led positions on the secondaries market.