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Secondaries Investor’s Second Thoughts podcast focuses exclusively on private markets’ burgeoning secondaries market, which is offering liquidity to its underlying illiquid asset classes. Hear analysis from Secondaries Investor’s global team of journalists and interviews with the market’s most influential players and rising stars discussing the dynamics shaping this ever-evolving area. Visit secondariesinvestor.com for more.
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5 days ago
5 days ago
In a market shaped by slower exits and macro uncertainty, infrastructure secondaries is increasingly viewed as a defensive investment strategy as LPs seek stable cashflows and downside protection.
Infrastructure secondaries saw approximately $9.5 billion of deployment in 2025, including around $5.5 billion across LP-led transactions, according to Evercore's 2025 Secondary Market Report. Among non-buyout strategies, only credit secondaries saw higher deployment volumes at roughly $20 billion last year.
In this episode, Americas correspondent Hannah Zhang is joined by Wandy Hoh, head of secondaries and co-investments at Macquarie Asset Management, and Jeremy Duksin, co-head of the GP Solutions Group at Baird.
The discussion explores the forces behind the rise of infrastructure secondaries, including LPs' growing demand for defensive assets, the expansion of GP-led transactions, and the favourable dry powder dynamics fuelling the market's continued growth.
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