Secondaries & Transactions
When a significant transaction is on the table, the quality and independence of the advice behind the decision matters.
We provide independent opinions on transactions across private markets, with no conflicts, no product to sell and no agenda beyond the client’s.
Our work most often supports investors considering the sale of private markets fund interests, from assessing whether to sell through to executing a confidential sale.
What we provide:
Portfolio review and evaluation
Hold versus sell analysis
Redeployment planning
Confidential execution
The Secondary Market Today
The secondary market allows investors to buy and sell existing interests in private markets funds before those funds reach the end of their life. Once an occasional source of liquidity, it has become a core portfolio management tool for pension funds, endowments, foundations and family offices.
Market Snapshot
$118bn
record first-half volume in 2026, made up of $56 billion of LP volume and $62 billion of GP-led volume
87% of NAV
average pricing for LP portfolios, which remained stable in H1 2026, driven by demand for diversified, high-quality portfolios
$240bn
the 2025 full-year volume record, which the market is on pace to exceed
Source: Jefferies Global Secondary Market Review, July 2026Investors turn to the secondary market for a range of reasons: to generate liquidity when distributions are slow, to rebalance a portfolio that has become over-allocated to private markets, to wind down older funds and tidy up mature positions, or to reduce the number of managers and focus on core relationships. Selling is no longer a last resort: many investors now use the secondary market as a routine tool to manage their portfolios.
Why Investors Sell
Whether a client is considering a sale or has already decided to sell, we provide independent advice throughout, from hold-versus-sell analysis to confidential execution and redeployment planning, with no agenda beyond the client’s.