QHP’s Pharma Single-Asset Delivers 10x for Selling LPs
QHP, a mid‑market healthcare‑focused secondary firm, has executed a continuation vehicle (CV) on a single pharma asset, delivering a ten‑fold return for the limited partners that exited. This marks at least the second time the firm has used a CV to prolong ownership of a high‑performing asset. The transaction underscores the firm’s ability to generate outsized liquidity events while retaining upside for remaining investors. The move highlights growing confidence in secondary market structures for niche, high‑growth healthcare assets.
University of California Shops $3bn LP Portfolio in Major Sale
The University of California system is offering roughly $3 billion of limited‑partner stakes in private‑equity funds for sale on the secondary market. This move represents the latest effort by the public‑university consortium to unlock liquidity from its sprawling endowment portfolio. Proceeds...
Japan Secondaries Shop to Close Debut Fund Near Hard-Cap
Japan’s emerging secondaries boutique RGCM announced the imminent close of its debut vehicle, RGCM Fund I, with commitments approaching the fund’s hard‑cap. The fund will target both direct secondary transactions and primary financing rounds, offering investors diversified exposure to private‑market...
ADIC Shops $2bn-Plus Portfolio of Fund Stakes
Abu Dhabi Investment Council (ADIC) is assembling a portfolio of private‑market fund stakes valued at more than $2 billion. Private‑market assets already represent roughly 61% of ADIC’s total holdings, underscoring the sovereign fund’s tilt toward illiquid alternatives. The initiative focuses on...
Secondaries’ Most Methodical Sellers: The Buyers Themselves
Over the past 15 months, a cohort of secondary‑market participants has actively placed limited‑partner (LP) stakes for sale. Unlike typical LP sellers, these players adopt a highly disciplined, methodical approach that mirrors the rigor of their own buying processes. Their...
Technology Moves Down the List of Favoured CV Sectors – Houlihan Lokey
Investment bank Houlihan Lokey reports that technology has slipped down the list of preferred sectors for corporate venture secondary transactions. Managing Director Michael Pilson told Secondaries Investor that investors are increasingly gravitating toward sectors such as healthcare, consumer, and industrials....
Credit Secondaries: What’s in It for Buyers?
The article examines why investors are flocking to credit‑secondaries, highlighting the asset class’s ability to purchase high‑quality debt portfolios at steep discounts. Buyers benefit from immediate cash‑flow generation, bypassing the traditional J‑curve associated with primary credit funds. Market participants also...
CVs Should Be Structured in an ‘LP-Friendly’ Way: Lexington’s Christophe Browne
Lexington Partners’ Christophe Browne told NEXUS 2026 that a growing share of limited partners (LPs) opting to roll their interests into continuation vehicles (CVs) would signal a healthy secondary market. He emphasized that CVs should be structured in an LP‑friendly...
The Next Step for GP-Led Deals
The PEI Group’s GP‑led Secondaries report highlights rapid growth in the GP‑led segment, noting a 45% year‑over‑year increase in transaction volume during 2023. It outlines how general partners are leveraging continuation funds to retain control of high‑performing assets while offering...
Structured Solutions Offer Ability to Keep Assets Within Flagships: W Capital’s David Wachter
At NEXUS 2026, David Wachter of W Capital Partners highlighted the strategic value of structured solutions. He argued that keeping assets within flagship funds allows compounding growth and reduces exposure to a projected “K‑curve” market environment. The K‑curve scenario suggests...
General Atlantic Enters Secondaries Market in Partnership with Clipway
General Atlantic announced a strategic entry into the secondaries market through a partnership with Clipway. The joint venture aims to raise a $1 billion fund dedicated to growth‑equity and late‑stage venture capital secondary transactions. By leveraging Clipway’s technology platform, the partnership...
Lindsay Goldberg Plots Build-Out of CV Investment Strategy
Lindsay Goldberg announced plans to develop a dedicated corporate‑venture (CV) investment strategy, marking its entry into the private‑equity secondaries market. The move aligns the firm with a wave of PE houses diversifying into secondary transactions to capture liquidity‑driven opportunities. By...
Edmond De Rothschild Corporate Finance and Jasmin Capital Form Partnership for CVs
Edmond de Rothschild Corporate Finance has teamed up with placement agent Jasmin Capital to launch a joint initiative targeting co‑control transactions. The partnership will concentrate on General Partners who wish to sell a portion of their fund stakes through M&A...
Exit Visibility Key in Evaluating Deals: A&M Capital’s Weisberg
At NEXUS 2026, Jeremy Weisberg of A&M Capital highlighted that its second‑aries strategy targets mid‑market and smaller transactions. The firm argues these deals deliver a more attractive risk‑adjusted return profile than larger, more complex secondary purchases. Weisberg stressed that exit...
CPP Investments Comes to Market with Multi-Billion-Dollar PE Portfolio
Canada Pension Plan Investment Board (CPP Investments) has launched Project Ember, a secondary market sale of a private‑equity portfolio valued at over $3 billion. The transaction includes a tranche of equal‑strip positions tied to prominent buyout funds, signaling a sizable liquidity...
Private Wealth Capital Expanding Capacity for Larger Deals: Ardian’s Mallin
At NEXUS 2026, Ardian’s senior executive Ava Mallin highlighted that private‑wealth capital is flowing into the private‑equity secondaries market, expanding the pool of funds available for larger transactions. While this influx has increased overall capacity, Mallin warned that the market...
Evercore APAC Secondaries Director Departs
Evercore has announced the departure of its APAC secondaries director, a key figure in the firm’s regional secondary market operations. Simultaneously, the investment bank hired Ben Hart, formerly head of investor relations at Adams Street Partners Asia, to lead its...
Are CVs the Answer to GP Stakes Exit Challenges?
General partner (GP) stakes have become a sizable asset class, yet investors struggle to find timely exits because traditional secondary markets lack depth. GP‑led continuation vehicles (CVs) are emerging as a structured solution, allowing sponsors to roll assets into a...
The Next Round of Uncertainty – ‘a Headwind and a Tailwind’
The secondary market for private‑equity assets is entering another phase of macroeconomic uncertainty, prompting investors to revisit proven playbooks from past volatile periods. Recent data shows tightening liquidity and heightened price sensitivity as capital allocation slows. Market participants are expected...
2026 Should Set Another Record Despite Macro Uncertainty: PJT’s Millan
Adrian Millan of PJT Partners told NEXUS 2026 that the private‑equity secondaries market is poised to break its 2025 volume record despite lingering macro‑economic uncertainty. He noted that investors are re‑evaluating pricing as geopolitical tensions and monetary‑policy shifts create volatility....
100% Carry Rollover Table Stakes for Trophy CVs – NEXUS
At PEI’s NEXUS conference, industry leaders warned that many companies marketed as "trophy" assets fail to live up to the crown‑jewel label. This reality is driving buyers to adopt 100% carry rollover structures as a new baseline for secondary transactions....
Bridgepoint Eyes Further Secondaries Growth as Newbury Team Comes on Board
Bridgepoint, the owner of PEI Group, announced that it will launch its next flagship secondaries fund in 2026. The initiative is being driven jointly with Bridgepoint Newbury, which has recently added a dedicated team to the effort. Senior executives Pete...
LPs Are Not Waiting on the Promise of Distributions: William Blair’s Stuiver
Limited partners are no longer waiting for promised cash returns; they anticipate an eventual rise in distributions. Managing director Jake Stuiver of William Blair explains that higher payouts will lift secondary market pricing. As pricing improves, a larger share of...
New Entrants Unlock Further Opportunities in the Secondaries Market: Apollo S3’s Lessar
Apollo’s third flagship fund, Apollo S3, is focusing on expanding its secondaries platform primarily through organic growth, while remaining open to selective acquisitions, said co‑head Steve Lessar at PEI’s NEXUS conference. The fund’s strategy reflects confidence in the deepening liquidity...
CVs Now Established as Exit Route Alongside M&A and IPO: Moelis’s Hammer
Moelis & Co managing director Jeff Hammer announced at NEXUS 2026 that continuation vehicles (CVs) have become an established exit route for private equity general partners, alongside traditional M&A and IPO pathways. He attributed this shift to the growing specialization...
Acceptance of CVs Means Time Is Right for PE Entrants: New Mountain’s Costello
At PEI Group’s NEXUS conference, Neal Costello, co‑head of New Mountain Atlas, said the firm’s willingness to accept a high volume of CVs indicates a favorable environment for new private‑equity talent. He explained that New Mountain plans to differentiate by...
Secondaries Awards 2025: EMEA Winners
Ardian has been named the 2025 Secondaries Buyer of the Year for the EMEA region by Secondaries Investor. The award recognizes Ardian’s aggressive acquisition strategy and strong execution across private‑equity secondary transactions. The accolade was announced alongside the broader Secondaries...
GP-Led Credit Market Explores Different Deal and Return Opportunities as Growth Continues – NEXUS
The GP‑led credit secondary market is experiencing sustained growth as investors pursue more flexible deal structures and higher return potential. Industry leaders, such as Olga Kosters of Antares, emphasize that the ability to cherry‑pick assets and maintain strong GP‑investor alignment...
Younger, High-Quality Portfolios Gain Ground in LP-Led Market – NEXUS
The secondary market is increasingly dominated by LP‑led transactions that target younger, high‑quality private‑equity portfolios. Ardian’s Wilfred Small described the environment as one of “asset selection and cherry picking” rather than bulk sales. Limited partners are allocating capital to these...
GP-Leds Boost Exits for Azalea’s Offerings
Temasek’s Azalea Investment Management says GP‑led secondary structures are accelerating exits for its funds. Managing Director Justin Keh predicts more general partners will adopt the technology to provide liquidity to limited partners. The trend could expand Azalea’s assets under management...
2026 Should Mark Record Year for Exits and Secondaries Volume – Blackstone’s Perry
Blackstone’s global head of Strategic Partners, Perry, projected that 2026 will deliver a record year for private‑equity exits and secondary‑market volume. He explained that accelerated exit cashflows enable secondary buyers to bid higher prices, which in turn should entice more...
GIC Emerges as Lead Buyer on Meridiam’s €2bn+ CV
GIC has emerged as the lead buyer for Meridiam’s continuation vehicle (CV) valued at over €2 billion. The CV aggregates a portfolio of 22 infrastructure assets currently held in Meridiam’s legacy funds. By acquiring the majority stake, GIC positions itself at...
Blackstone Strategic Partners Leads on EQT’s Evergreen CV for EdgeConnex
Blackstone Strategic Partners is spearheading EQT’s new evergreen continuation vehicle aimed at EdgeConnex, an Australian data‑centre operator. The fund is projected to close at roughly $2 billion, with provisions to expand as additional assets become available. By using an evergreen structure,...
Secondaries Investor Full-Year 2025 CV Deal Log
Secondaries Investor’s 2024 deal log shows 85 continuation vehicles closed, while an additional 40 vehicles are either launching or under review. Continuation vehicles, which allow private‑equity funds to extend ownership of select assets, remain a dominant tool for managing liquidity....
Evercore Taps Adams Street Partners for New APAC Secondaries Head
Evercore has appointed a senior executive from Adams Street Partners to lead its Asia‑Pacific secondary market advisory team. The move comes after the exit of Shane Gong, who had headed Evercore’s APAC private‑capital advisory unit until January 2025. The new...
Majority of CVs Run by Mid-Market GPs in 2025 Equivalent to 50% or More of Latest Flagship – Lazard
According to Lazard’s latest report, mid‑market private‑equity sponsors will run the majority of continuation vehicles (CVs) by 2025, with assets under management equivalent to at least 50 % of the most recent flagship CVs. Sponsors are increasingly using larger CVs to...
40% of GPs Expect to Mull CV in the Next Two Years – Bain Study
Bain’s latest survey finds that 40% of private‑equity general partners plan to evaluate a continuation vehicle (CV) within the next two years. More than half of those respondents say the primary motivation is to return capital to existing limited partners....
Morgan Stanley’s PCA Chief Leaves the Bank
Morgan Stanley announced that its global head of the Principal Capital Allocation (PCA) group has departed the firm. The bank confirmed the PCA unit will continue operating without interruption, but a successor has not yet been named. The move follows...
Meridiam Amasses over €2bn for European Infra CV Fund
Meridiam has closed a continuation vehicle (CV) fund that raised more than €2 billion to acquire a portfolio of 22 European infrastructure assets. The assets span highways, high‑speed rail, hospitals, university accommodation and a range of low‑carbon solutions. The fund provides...
Secondaries’ Next Iteration: Market Capitalisation in 2026 and Beyond
Evercore’s global head of private capital advisory, Nigel Dawn, outlined the outlook for secondary market activity through 2026 in the latest Secondaries Investor podcast. He highlighted accelerating capitalisation, driven by heightened LP liquidity demands and a surge in GP‑led transactions....
