The new era of GP-led secondaries

About this episode

The episode discusses the rise of GP-led secondaries as a mainstream liquidity tool in the private equity market.

This episode is sponsored by Lexington Partners, LGT Capital Partners and Davis Polk and first appeared on Secondaries Investor's Second Thoughts podcast. In 2024, GP-led deals hit a record of $71 billion in transaction volume, accounting for 44 percent of the total secondaries market volume of $160 billion, according to Evercore’s FY 2024 Secondary Market Review. This is significant and marks the increasing popularity of continuation vehicles as an exit route. In this episode, Secondaries Investor senior editor Adam Le is joined by Lexington Partners’ Jeffrey Bloom, LGT Capital Partners’ Brooke Zhou and Davis Polk’s Leor Landa. The trio explore how GP-led transactions have rapidly grown into a mainstream liquidity and portfolio-management tool, against a backdrop of constrained exit markets, rising LP demand for liquidity and increasing GP comfort with continuation vehicles. They also examine market dynamics across deal sizes, noting the challenges of scaling mega single-asset vehicles and the significant untapped opportunity in the mid-market, where many GPs are still early in their GP-led journeys. Brooke Zhou is a partner at LGT Capital Partners in Hong Kong, an investment…

People in this episode

Host: Adam Le

Guests: Jeffrey Bloom, Brooke Zhou, Leor Landa

Topics covered

• GP-led secondaries
• liquidity
• portfolio management
• market dynamics
• continuation vehicles

Keywords

• GP-led deals
• secondaries market
• continuation vehicles
• liquidity
• portfolio management

Sponsors

Lexington Partners, LGT Capital Partners, Davis Polk

Mentioned in this episode

Organizations: Evercore, Secondaries Investor, Second Thoughts

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