After a cracking start to 2025 for secondaries volume, President Donald Trump’s Liberation Day tariff announcement imposing taxes on dozens of countries threw a spanner into the works for all markets.
Market participants told affiliate title Secondaries Investor that they’ve been reacting in real time. One buyer, who was still putting bids out on LP-led portfolios, scaled back the overall portion of what they were willing to acquire, stripping out funds that are directly impacted by tariffs.
