Private Equity Spotlight How specialised can the secondaries market get?
Mar 24, 2025
Nigel Dawn, Global Head of Private Capital Advisory at Evercore, Leor Landa, Head of the funds and secondaries practice at Davis Polk, and Yann Robard, Managing Partner at Dawson Partners, dive into the evolving secondaries market. They discuss the revolutionary variety of liquidity offerings for LPs, from specialized funds in healthcare to large continuation funds. The importance of performance in continuation funds is highlighted, signaling rapid innovation and growth, with a potential market valuation reaching $1 trillion by 2031.
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Early Innings Of Deep Specialization
- The secondaries market evolved from no specialization to deep asset- and deal-type focus in roughly a decade.
- Nigel Dorn says we are still in the early innings of further specialization.
Sub-Strategies Are Their Own Growth Engines
- Specialization has expanded from LP secondaries to GP-leds, infrastructure, private credit secondaries and NAV lending.
- Yann Robard highlights that each sub-strategy itself is about to enter a large growth phase.
Cost Of Capital Unlocks New Deal Types
- The market now matches cost of capital to opportunity across debt and equity secondaries, enabling new deal types.
- Nigel Dorn explains that appropriate cost of capital unlocked debt and direct position trades.