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Secondaries Investor’s Second Thoughts

PEI Group
Secondaries Market
Private Equity
Gp-Led Transactions
Continuation Funds
Institutional Investors
Infrastructure Secondaries
Market Trends
Liquidity
North American Secondaries Market
Fundraising
Secondaries
Gp-Led Deals
Market Growth
Secondary Market
Liquidity Solutions
Volcker Rule
Continuations Funds
Investment Strategies
Lead Investor
Liquidity Events

Secondaries Investor’s Second Thoughts podcast focuses exclusively on private markets’ burgeoning secondaries market, which is offering liquidity to its underlying illiquid asset classes. Hear analysis from Secondaries Investor’s global team of journalists and interviews with the market’s most influential players and rising stars discussing the dynamics shaping this ever-evolving area. Visit secon... more

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Artwork for Secondaries Investor’s Second Thoughts

Latest Episodes

This episode is sponsored by LGT Capital Partners, Dawson Partners and Pomona Capital

Record volumes and growing liquidity pressures are pushing limited partners into the market as secondaries become a core portfolio management tool rather than a la... more

This episode is sponsored by Partners Group, Lexington Partners and Davis Polk

As private wealth capital continues to flow into evergreen structures, this dry powder is having an immediate impact on secondaries volume. While estimates on just how mu... more

In a market shaped by slower exits and macro uncertainty, infrastructure secondaries is increasingly viewed as a defensive investment strategy as LPs seek stable cashflows and downside protection.

Infrastructure secondaries saw approximately $9.5 bi... more

How is market sentiment shaping secondaries fundraising and deal activity?

In this episode of PEI Group’s Data Dive podcast, PEI’s senior content producer, Evie Rusman, is joined by Secondaries Investor editor Madeleine Farman and PEI head of specia... more

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Recent Guests

Chris Healey
Partner, Davis Polk, Investment Management Group
Davis Polk & Wardwell
Episode: The evergreen effect: Secondaries’ newest investors
Philip Hess
Senior Investment Professional, Partners Group, Private Equity Secondaries team
Partners Group
Episode: The evergreen effect: Secondaries’ newest investors
Taylor Robinson
Partner, Lexington Partners
Lexington Partners
Episode: The evergreen effect: Secondaries’ newest investors
Wandy Hoh
Head of Secondaries and Co-Investments at Macquarie Asset Management
Macquarie Asset Management
Episode: The 'tremendous tailwind' behind infra secondaries' growth
Jeremy Duksin
Co-head of the GP Solutions Group at Baird
Baird
Episode: The 'tremendous tailwind' behind infra secondaries' growth
Madeleine Farman
Editor of Secondaries Investor
Secondaries Investor
Episode: Data Dive: Reading the signals in secondaries sentiment
Louise Fordham
Head of special projects for the private equity group at PEI
PEI
Episode: Data Dive: Reading the signals in secondaries sentiment
Yann Robard
Managing Partner, Dawson
Dawson
Episode: Is credit secondaries having its ‘moment’?
John Bohill
Partner, StepStone
StepStone
Episode: Is credit secondaries having its ‘moment’?

Host

Madeleine Farman
Editor of Secondaries Investor, host of the podcast

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The 'tremendous tailwind' behind infra secondaries' growth
Q: Well, Jeremy and Wandy, how do you really define the scope of infrastructure secondaries? Is it centered on core assets or expanding into adjacent areas, and how do their risk and return profiles differ?
The definition is expanding and malleable; infra secondaries include core, core-plus, and value-add assets, with risk/return profiles varying by category. In recent years, investors are chasing higher-return opportunities beyond traditional roads, bridges, and energy, including education, hospitals, and digital infrastructure like data centers. The core idea is to match definable infra characteristics with alpha potential while maintaining a lower risk profile relative to broader private markets.
Is credit secondaries having its ‘moment’?
Q: How do GP-led credit continuation vehicles differ from traditional asset sales, and what are the main conflicts involved?
GP-led credit continuations involve selling a diversified pool of loans with ongoing cash flows and require harmonizing buyer, seller, and GP interests. Conflicts center on pricing, post-cash-flow treatment, and long-term relationships with LPs, which are managed through structured end-dates, reference dates, and split arrangements.
Is credit secondaries having its ‘moment’?
Q: What is behind the rapid rise of private credit secondaries and how does it compare to private equity secondaries?
The rise is driven by macro tailwinds, liquidity needs from LPs, and a favorable funding environment. Credit secondaries benefit from their cash-flow characteristics and the ability to price near par, which spurs more capital and larger deals, unlike private equity which has different liquidity dynamics and underwriting.
Secondaries' next iteration: market capitalisation in 2026 and beyond
Q: How does the rise of evergreen funds affect pricing and deal flow in secondaries?
Evergreen funds tend to buy high-quality assets at relatively premium prices and contribute to ongoing demand, helping size and stabilize the market while usually following flagship fund activity rather than driving pricing themselves.
Secondaries' next iteration: market capitalisation in 2026 and beyond
Q: What do you say to those who believe GP-led volume will fall off when the M&A market rebounds?
GP-led volume is not a function of a weak M&A market; GPs want to keep upside by selling into continuation funds, and past peaks in 2021 show continuation vehicles can be attractive regardless of the broader M&A cycle.

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Frequently Asked Questions About Secondaries Investor’s Second Thoughts

What is Secondaries Investor’s Second Thoughts about and what kind of topics does it cover?

This show centers on the private markets secondaries space, offering analysis from industry journalists and interviews with leading practitioners. Episodes cover evergreen funds, GP-led continuation vehicles, LP-led and asset-backed secondary activity, and the evolving regulatory and liquidity landscape shaping private markets. Guests range from law firms and investment banks to fund managers and asset owners, with frequent emphasis on deal structures, pricing dynamics, portfolio management, and market segmentation across infrastructure, private credit, and private equity secondaries. The format blends macro-market context with practitioner experience, often highlighting real-world underwriting, governance considerations, and regional diffe... more

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Which podcasts are similar to Secondaries Investor’s Second Thoughts?

These podcasts share a similar audience with Secondaries Investor’s Second Thoughts:

1. Dry Powder: The Private Equity Podcast
2. The Credit Edge by Bloomberg Intelligence
3. Capital Allocators – Inside the Institutional Investment Industry
4. The View From Apollo
5. Private Equity Spotlight

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Secondaries Investor’s Second Thoughts launched 2 years ago and published 47 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Secondaries Investor’s Second Thoughts?

Recent guests on Secondaries Investor’s Second Thoughts include:

1. Chris Healey
2. Philip Hess
3. Taylor Robinson
4. Wandy Hoh
5. Jeremy Duksin
6. Madeleine Farman
7. Louise Fordham
8. Yann Robard

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