Shifting Dynamics in the Secondaries Market

Delights and gripes relating to the continuation fund market were shared at PEI Group's NEXUS 2025 conference. A critical question was raised: do LPs need to take a more proactive approach to secondaries?

In one of the panels, Jeremy Coller, founder of Coller Capital, encouraged LPs to do just that – proactively manage their exposure as more GPs mull CVs for assets they want to hold longer regardless of their 'limited' status. For LPs like the New York City Retirement Systems, however, the preferred status quo option when faced with a CV opportunity is to "do nothing", according to Eneasz Kądziela, deputy chief investment officer and head of private equity.

In this episode, Secondaries Investor editor Madeleine Farman, senior editor Adam Le and Americas correspondent Hannah Zhang discuss their top secondaries takeaways from NEXUS, particularly the top concerns for LPs on both the sell-side and the buy-side of the secondaries market.