Secondaries Investor’s Second Thoughts What’s driving European secondaries activity?
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Jan 6, 2026 Join Gabriel Möllerberg from Goldman Sachs, Lea Lazaric Calvert of Evercore, and Nik Morandi from Blackstone as they explore the vibrant European secondaries market. They discuss the surge in GP-led transactions, the importance of alignment in fund structures, and the emergence of CV-on-CV transactions. The guests highlight how European sellers are evolving and the significant growth expected in the market. Tune in for insights on portfolio management trends and predictions for 2026 that indicate a booming landscape for investors!
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Europe Follows US Growth Pattern
- European secondaries growth mirrors the US with record transaction volumes driven by both LP-led and GP-led deals.
- Buyers are meeting stronger supply as LPs use the market for portfolio management and pricing remains attractive.
Bigger Buyers Enable Massive CVs
- The market can now support much larger GP-led continuation vehicles because more buyers can write bigger checks.
- Increased buyer depth and larger ticket sizes make executing €1.5–2bn CVs feasible today.
Waterfall Structure Shapes GP Commits
- European waterfall structures typically produce lower GP commits into CVs than US deal-by-deal waterfalls.
- Managers often compensate with flagship fund commitments to maintain alignment on European CVs.