We run LP-led secondary sales from first indication through to closing, for investors managing liquidity, rebalancing a portfolio, or exiting a legacy relationship on their own terms.
Estimates from market participants put first-half 2026 global transaction volume in the region of USD 120 to 130 billion, with LP-led activity accounting for roughly half of that total. Both figures mark a new high for the market, extending a run of consecutive annual increases. Investors are increasingly using the secondary market proactively, to rebalance allocations, manage distribution pressure, and create capacity for new commitments, rather than only as a distressed or last-resort tool.
Pricing has stayed firm through this growth. A deep, well-capitalised buyer base, including a growing share of evergreen and semi-liquid capital, has kept most strategies pricing near or above their historical averages, with dispersion concentrated mainly in the more macro-sensitive corners of the market.
Not every portfolio is equally attractive to buyers. Before taking a portfolio to market, we assess it against five factors that shape both buyer appetite and achievable pricing.
Spread across managers and strategies reduces concentration risk for buyers.
Buyout typically prices better than other strategies in the current market.
Well-known sponsors with a strong track record draw broader buyer interest.
Larger lines attract a wider pool of potential buyers and tighter pricing.
A mix of vintages creates a more appropriate cashflow profile for buyers.
Positioning a portfolio against these factors before launch is where much of an advisor's value sits, and it shapes which buyers we approach first.
Every fund interest in a secondary portfolio is priced individually, not as a single blended number. Fair value, expected exit timing, and a target return for the buyer all factor in, and the gap between that figure and current NAV is the discount or premium a seller should expect.
A well-run, competitive process narrows the gap between the average opening bid and the winning bid materially, the value of a structured, multi-bidder sale over a bilateral negotiation.
Prepare the portfolio overview and a preliminary buyer list.
Run a competitive process to gather non-binding offers.
Shortlist buyers, manage diligence, and negotiate final terms.
Coordinate documentation, transfer, and closing mechanics.
We run this process so sellers can create genuine pricing tension without carrying the execution burden themselves.
Over the past three years we have advised on LP-led portfolio sales and single-interest transactions ranging from €30 million to €52 million, including a €48 million partial sale of an LP fund interest and a £20 million stapled transaction.
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