Amy Carroll
The world may be reeling from geopolitical shock after geopolitical shock, but this uncertainty is only fuelling record-breaking secondaries activity.
While the GP-led market is booming, perceptions differ when it comes to rationale, valuations and alignment.
AI may be poised to turbocharge secondaries underwriting, but digital marketplaces and tokenisation are yet to gain traction.
The secondaries market is poised for continued growth and innovation, as well as increased regulatory scrutiny.
While secondaries buyers are inundated with opportunities, maintaining deployment pace can nonetheless be challenging.
A distribution desert has led to a surge in first-time LP sellers, while a challenged fundraising market has heralded the return of the primary staple.
Pricing remains the biggest source of friction in secondaries negotiations.
GP-led secondaries would appear to provide an obvious route to liquidity for staking investors but there are some issues to iron out.
Narrow discounts mean infrastructure remains a first port of call for secondaries sellers.
Artificial intelligence has the potential to revolutionise the investment lifecycle, but there will be challenges along the way.