Whitehorse’s Robard: secondaries is facing decade of capitalisation

$1trn in annual deal volume is achievable with upticks in secondaries trading in non-PE asset classes, NAV lending, preferred equity and GP stakes, according to Whitehorse Liquidity Partners' founder.

The current decade is one in which the secondaries market will address its supply-demand balance and growth potential, according to Whitehorse Liquidity Partners’ founder and managing partner Yann Robard.

“It is the decade of capitalisation,” Robard told Private Equity International and Secondaries Investor’s senior editor Adam Le on the sidelines of PEI Group’s NEXUS summit this month. “This is an industry that is undercapitalised. It’s long opportunity, short capital. Whenever there is a timeframe like this, generally speaking, capital lags the opportunity set. What we’re seeing is secondaries is a market that is ready to be capitalised in the way that it should be.”

The pair discuss how annual volume will reach $1 trillion and more, and why the secondaries market is more collegiate than other private markets sectors.