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Experts predict the future for secondaries

Secondaries market participants like Jeremy Coller, Yann Robard and Johanna Lottmann try to forecast how the sector will look in 10 or 20 years' time.

If the secondaries market simply maintains the growth rate of the last 10 years, it will be a half-trillion dollar market by 2030, and – given the continuing boom in private markets and the wide appetite for secondary buying and selling – nothing we see in today’s market makes us think its growth is going to slow

Jeremy Coller
CIO and managing director, Coller Capital

By 2025, over 50 percent of private-markets LPs will be regularly using the secondary market for active portfolio management

Jake Stuiver
Head of LP secondaries, M2O

We’ve only scratched the surface of the democratisation of GP-leds in the mid-market, meaning managers with funds between $200 million and $3 billion. You’re going to see in five years’ time over $100 billion of transaction volume just in the mid-market. The sheer number of deals is going to explode in the next five to 10 years

Sunaina Sinha Haldea
Founder and managing partner, Cebile Capital

Single asset-deals and $1 billion diversified LP portfolio deals – these are fundamentally different transactions in terms of what they require, your due diligence approach and strategic approach

Johanna Lottmann
Managing director, PJT Partners

The market is still relatively undercapitalised. The growth of deal volume fuelled by both traditional and GP-led secondaries has far outpaced the growth in secondary fundraising. Today there is only enough dry powder (demand) to meet two to two-and-a-half years of dealflow (supply). By comparison, there is enough available capital to meet roughly four to five years of supply in the direct leveraged buyout segment

Verdun Perry
Global head, Blackstone Strategic Partners