LP vs GP-Led Secondary Strategies

Why did private credit secondaries emerge, and what problem do they solve for investors? David Weisburd speaks with Rakesh Jain about building one of the world’s largest private credit secondary platforms at Pantheon, the mechanics of liquidity in private markets, and how seasoned portfolios differ from primary credit origination. Rick explains how diversification, underwriting discipline, and alignment shape risk-adjusted outcomes across cycles.

Disclaimer: This episode was recorded in 2025. Market conditions, data, and opinions discussed reflect that time period.

Highlights:

• How Pantheon identified the need for credit secondaries
• Defining the investor value proposition in a nascent market
• Key differences between credit and private equity secondaries
• Sources of value in seasoned credit portfolios
• Managing diversification across thousands of underlying loans
• LP versus GP-led secondary transactions and trade-offs
• Mitigating adverse selection through sourcing and diligence
• Misunderstood risks and correlations in private credit
• The role of credit secondaries in institutional and wealth portfolios

Guest Bio:

Rakesh Jain is Global Head of Private Credit at Pantheon, where he oversees one of the largest private credit secondary platforms globally. He has extensive experience across credit investing, portfolio construction, and platform building, and has played a central role in developing Pantheon’s approach to liquidity solutions, diversification, and risk management in private credit markets. Earlier in his career, he held senior roles at Morgan Stanley, Goldman Sachs, and Citigroup.

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Stay Connected with Rick Jain

LinkedIn:https://www.linkedin.com/in/rakesh-j-6b539/

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (1:19) Developing investment process and scaling at Pantheon (3:16) Evolution of the private credit market (5:37) Diversification strategies in private credit (9:00) Credit secondaries: use cases and investor benefits (10:56) Strategies in LP and GP-led investing (14:01) Addressing adverse selection in credit secondaries (18:29) Building a $12 billion private credit franchise (21:13) Enhancing GP relationships as a secondary investor (22:27) Risks and misconceptions in the private credit market (26:16) Innovations and institutional products in private wealth (28:17) Tax efficiency and capital appreciation strategies (31:30) The future of private credit at Pantheon (33:03) Career advice for finance professionals (35:37) Incorporating private credit secondaries in portfolios (37:57) Utilizing evergreen funds for investment (39:17) Closing remarks