The Exchange by EW&L Private Wealth Jake Elmhirst (Coller Capital): Secondaries Unlocked – Liquidity, Pricing & the Future of Private Markets
Today, Associate Adviser Charles Troian is joined by Jake Elmhirst, a Managing Director at Coller Capital, one of the most established and influential investors in the global private equity secondaries market.
Jake brings deep expertise in private equity secondaries, fund structuring, and deal execution. At Coller, he leads transactions across LP-led and GP-led deals, spanning both equity and credit strategies. His work includes navigating complex continuation vehicles, underwriting mature assets, and providing liquidity solutions for institutional investors globally. Jake previously held roles in investment banking and holds a strong background in portfolio construction, asset-level due diligence, and macro risk assessment.
In this conversation, we explore the fundamental mechanics of secondary transactions, how Coller approaches pricing and valuation in an illiquid market, and the nuances between private equity and private credit secondaries. Jake also shares insights on the evolution of deal structures, the growing role of distressed credit, and why J-curve mitigation continues to be a key driver for secondary investors.
With capital flowing into the space but distributions slowing, Jake offers his perspective on managing liquidity, navigating risk, and how sophisticated investors can still find compelling return profiles in a crowded landscape
Disclaimer:
The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.