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Secondaries fundraising figures for 2021 came in more than $35bn shy of the prior year, but they were more impressive than they seem.

LPs should be aware that buyers often mark up assets to par on day one, even if they are acquired at a discount.

Family offices continue to make up a small percentage of sellers in the secondaries market, though the GP-led market is forcing them to think about their portfolios in a new way.

The subject of secondaries came up frequently at PEI’s Women in Private Markets Summit, held in the first week of December. Here are some of the issues that are top of mind.

The lack of broader acceptance from LPs is preventing buyers from fully tapping the single-asset market.

Five advisory heavyweights discussed the state of the secondaries market at an event held by the law firm this month in New York. Here’s what they said.

Double-down funds don’t pose an immediate threat to the continuation fund market, but they are a reminder of the need for secondaries funds to justify their fees.

The Wind Point deal marks the first wave of continuation fund deals on continuation funds. Sponsors must have a doubly compelling case the second time around.

First-half figures suggest another record-breaking year for secondaries deal volume, despite softer pricing and lower LP take-up in GP-led deals.

The fact that Apax Partners shelved plans for its GP-led secondaries process shows that LPs desire a genuine 'do nothing' option.