GP-Leds

Last year saw 85 continuation vehicles close, with 40 more launching or being mulled, according to data gathered by Secondaries Investor.

As mid-market sponsors look to hold onto trophy assets and deliver liquidity, they're turning to larger CVs, with CV-on-CVs also expected to become more prevalent, according to a report. 

Over half of GPs said the primary reason for launching a CV was to return capital to existing LPs, according to Bain's latest report.

A replacement for global head of the PCA group, which will continue to operate as usual, has not been named, Secondaries Investor understands.

The vehicle includes 22 infra assets, spanning highways, high-speed rail, hospitals, university accommodation and low-carbon solutions.  

In this edition of Secondaries Investor's Second Thoughts podcast, Evercore's global head of private capital advisory Nigel Dawn discusses the outlook for activity in 2026 and the key trends shaping the capitalisation of the market over the longer term.

We’ll hear the latest on the market’s innovation, capitalisation, tailwinds and headwinds at PEI Group’s Nexus 2026.

The Tokyo Stock Exchange is increasing minimum market capitalisation for companies listed in its Growth Market section to ¥10bn by 2030, which could have knock-on implications for secondaries activity.

Real estate secondaries deal volume could double in the next several years as distributions across the asset class remain subdued, according to a report.

The Boston-headquartered manager has raised over $1.1bn for its debut single asset CV-focused strategy, joining Blue Owl and Leonard Green in closing such vehicles this year.