Secondaries Investor’s Second Thoughts

The figures behind secondaries' second record year

This episode originally aired on March 26, 2024

In this episode, Secondaries Investor's Madeleine Farman, Adam Le and Hannah Zhang cut through the headline figures in 2023's advisory reports to break down geographic trends and key themes in the market.

Total deal volume sat somewhere in the region of $109 billion to $115 billion in 2023 with LP-led volume making up $56 billion to $66 billion.

Farman, Le and Zhang delve into topics including APAC secondaries market activity, structured liquidity offerings such as NAV loans, preferred equity and GP commit financing, and the popularity of multi-asset continuation funds as managers seek to find ways to generate DPI for LPs.

Ardian’s Colas on the potential for secondaries growth in 2024

This episode originally aired on January 2, 2024

In this episode, Ardian's co-head of secondaries and primaries Vladimir Colas makes a bold prediction for the secondaries market: the first private equity fundraise to breach the $30 billion mark will be a secondaries vehicle.

LP portfolios being brought to market are only growing in size, and if they could, sellers would be offloading even larger portfolios. However, secondaries activity is still constrained by the amount of capital available to deploy into these transactions.

Colas sat down with senior reporter Madeleine Farman to discuss how large the secondaries market could become in the near future, as well as how many new entrants Ardian expects to break into the secondaries market in 2024 and beyond.

Behind Q1-Q3’s best-ever secondaries fundraising figures

This episode originally aired on November 1, 2023

Secondaries funds investing in private equity opportunities that held their final close between January and the end of September raised $67.69 billion – a 168 percent jump on the same period last year and 46 percent more than the previous record of $46.44 billion raised in Q1-Q3 2020.

In this episode, senior reporter Madeleine Farman and senior editor Adam Le dig further into the numbers to discuss whether 2023 could be a record year for secondaries fundraising; whether the secondaries market will continue to grapple with an under-allocation issue; and whether coffers are beginning to fill versus the opportunities that are out there in the market.

Strategic Partners’ Perry on the state of the market and career lessons learned

This episode originally aired on September 1, 2023

In this episode, the spotlight is on our yearly ranking of the top secondaries firms globally. Blackstone Strategic Partners has topped this year's SI 50 ranking published by Secondaries Investor and Private Equity International, raising $51.3 billion across funds that closed between 1 January 2018 and 30 June 2023.

Senior reporter Madeleine Farman speaks with global head Verdun Perry, discussing the state of the secondaries market, what Strategic Partners is looking for in opportunities currently, and some of the key moments across Perry's career.

Which advisers stood out from the crowd?

This episode first aired June 30, 2023

Senior reporter Madeleine Farman and senior editor Adam Le discuss the key findings underpinning Secondaries Investor's Advisory Survey 2023 and Law Firm Survey 2023.

What’s making the GP-led market tick

This episode first aired on April 26, 2023

Presenting the second instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

How the secondaries market fared in 2022

This episode first aired on February 8, 2023

Presenting the first instalment of Second Thoughts, a special series from Secondaries Investor that delves into the latest trends affecting the fastest-growing market in alternatives.

Secondaries Investor's Second Thoughts trailer

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.