The latest trends from the expanding private credit secondaries space
The inaugural Global Market Survey, conducted in partnership with Goodwin, polls LPs, GPs, secondaries buyers, advisers, intermediaries and service providers to shed light on the critical areas where views diverge.
IN THE REPORT
How credit secondaries offer flexibility for LPs
Whether diversifying a portfolio or rapidly putting capital to work, credit secondaries offer a vital new tool for investors.
Sellers on an uncertain price discovery journey
The ongoing expansion of the credit secondaries market looks like a buyers’ market. Sellers are selling because they must – buyers are buying because of a great opportunity.
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TAKE A DEEPER DIVE
Six key insights from the Global Market Survey
The Private Debt Investor Secondaries Report examines the latest trends from the expanding private credit secondaries space.
How Secondaries Investor’s Global Market Survey was conducted
The Private Debt Investor Secondaries Report examines the latest trends from the expanding private credit secondaries space.
LP activity intensifies in rush for liquidity
The Private Debt Investor Secondaries Report examines the latest trends from the expanding private credit secondaries space.
Bid-ask spread most contentious of secondaries’ challenges
Pricing remains the biggest source of friction in secondaries negotiations.
Davis Polk on the differences between equity and credit secondaries
The private credit secondaries market is taking off but, when it comes to GP-led deals in particular, there are key distinctions to be aware of vis-à-vis equity secondaries transactions, say Leor Landa and Sijia Cai, partners at Davis Polk.
StepStone Group on capturing opportunities as the market scales
Innovative structuring is helping to drive the next phase of growth in credit secondaries, maintains John Bohill, partner and member of the Private Debt Investment Committee at StepStone Group.
PwC on how to capture additional value via tax levers
Avoiding tax leakage has become a key consideration for investors in the credit secondaries market, according to Mindi Lowy, a tax partner at PwC.
Pantheon: Primary market noise brings secondary opportunity
Retail redemptions and software exposure highlight the need for liquidity across private credit, offering potential opportunities for secondaries investors, according to Rakesh (Rick) Jain and Toni Vainio at Pantheon.
What the tech revolution means for secondaries
AI may be poised to turbocharge secondaries underwriting, but digital marketplaces and tokenisation are yet to gain traction.
Kirkland & Ellis: GP-leds transform the credit landscape
An abundance of capital and opportunity is coming together, say Mark Boyagi, Sean Hill and Ted Cardos, partners in the investment funds practice at Kirkland & Ellis.
Partners Group on achieving competitive advantage in a hot market
Increased scale, dedicated capital and the rise of GP-led deals are contributing to a secondaries boom, say Callum Smith and Lori Pomerantz of Partners Group, and Marco Busca of Generali Asset Management.
Ely Place Partners: GPs should engage early with this innovative market
With GP-led deal popularity soaring and opportunistic portfolios entering the fray, there is now a broader opportunity, according to Daniel Roddick, founder at Ely Place Partners.
Proskauer: Expanding secondaries buyer universe fuels growth
Credit secondaries has strong momentum but still room for growth and new players, according to Bruno Bertrand-Delfau, Chris Robinson and Mike Suppappola, partners and co-heads of the Secondary Transactions and Liquidity Solutions practice at Proskauer.
PREVIOUS COVERAGE
How the secondaries ecosystem is evolving
From modest roots, credit secondaries is seeing increased fundraising and a greater variety of deals. However, some believe there are limitations.
Secondaries heads in new directions
Continuation vehicles and trading desks are transforming the credit secondaries market.
Davis Polk & Wardwell: Credit secondaries funds are poised for growth
With private credit fundraising flourishing, new managers emerging and GP-led deals on the increase, Leor Landa, head of Davis Polk & Wardwell’s investment management practice, and partner Sijia Cai, are expecting a bright future for the private credit secondaries market.
Secondaries: From highs to lows to opportunities
Expert comment: The secondaries market is shrouded in uncertainty after tariff-related volatility. There are, however, reasons to remain upbeat over the longer term.
Pantheon: Credit secondaries pipeline is as robust as ever
Tightened liquidity and a volatile economic outlook will continue to drive the market forward, according to Rakesh (Rick) Jain, partner and global head of private credit, and Toni Vainio, partner and head of European private credit, at Pantheon.
Who shall prevail from the secondaries’ growth spurt?
Conference-goers at the BVCA’s secondaries conference mulled over the market’s future, with bifurcation at the heart of some predictions. Madeleine Farman of affiliate title Secondaries Investor was in the audience.
Partners Group on how credit secondaries are evolving to meet long-term demand
The market for GP-led and LP-led transactions is speeding up, driven by the opportunity to acquire interests in credit funds at a premium, say Henri Lusa, Callum Smith and TJ Bakshi of Partners Group.
Download the May 2025 issue of Private Debt Investor
Inside: Is private debt a good bet? We ask the investors what they think; Plus, a 16-page special report on the secondaries market; Expert comment and analysis from market leaders; And much more…
Private credit secondaries: Macro disruption generates momentum
The denominator effect combined with a need for liquidity has delivered a boost to the nascent credit secondaries market.
Coller Capital: Private credit secondaries will be the fastest-growing asset class
Private credit secondaries had strong momentum even before the rising rate environment came along. Michael Schad, Ed Goldstein and Martins Marnauza, partners in the secondaries credit team at Coller Capital, explain why they expect more awareness, more deals and more innovation.
Consensus at last: The credit secondaries market has matured
A few years ago there were doubts about whether the credit secondaries market had become fully established. There seems little room for such a view these days, writes Daniel Roddick.
Private credit secondaries: Solving the liquidity puzzle
Private debt investors are increasingly turning to the secondary market to provide tactical portfolio management solutions, say Pantheon’s Rakesh ‘Rick’ Jain and Toni Vainio.
Could private credit secondaries be the next big thing?
A Fund Finance Association event in February heard how the small subsector is gaining interest, but financing challenges persist.
Private debt fund stakes: Goldman’s heightened interest
Investing in private debt fund stakes and assets would be a natural extension for the firm, says Goldman's wealth and asset management CIO Julian Salisbury.
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