Challenging fundraising conditions and the rise of secondaries are reshaping the LP-GP dynamic, according to Davis Polk’s Sijia Cai and Alisa Waxman. The secondaries market has continued its upward trajectory, reaching $118 billion in volume for the first half of 2026, per Jefferies data. Despite this liquidity boost, capital raising for private markets funds remains difficult as exits are hindered by uncertainty.
The article, sponsored by Davis Polk, highlights how these factors are altering traditional relationships between limited partners and general partners in the private equity space.
Source: PE International · Summarized by HeadlinesBriefing