Tariffs

President and COO Jon Gray expects the secondaries market will continue to grow as LPs seek out liquidity – though he anticipates the ‘re-emergence of M&A activity at scale’ this year.

The US secondaries market may have notched up record levels of deal activity in 2024, but global trade uncertainty and volatility elsewhere in the markets leave the situation delicately poised.

Tariff turmoil could battle test the resolve of individual investors and their suitability for the burgeoning community of semi-liquid private markets funds.

While Australian super funds may buy ‘if the price is right’, these pensions are closely monitoring the long-term impacts of current volatility.

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

Opinions vary over whether the asset class will outstrip 2024's record-breaking deal volume total, or whether recent uncertainty will cause it to miss the mark.

The credit secondaries market is being rolled out 'on steroids', says Coller’s Michael Schad on the latest episode of Second Thoughts.

Managers will seek to tap the secondaries market to keep hold of their prized assets while M&A remains muted – however, the single-asset space remains significantly undercapitalised.

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

Secondaries investors are 'adding the equity risk premium for all the unknowns' and breaking down deals into smaller bites to better manage risks.