Trophy assets are commanding premiums in the secondaries market as buyers increasingly pay above par for established portfolio management opportunities. Private equity's GP-led market is rapidly evolving from a mere liquidity solution into an established portfolio management tool. Active participation from secondaries firms has created heightened demand, driving valuations higher.

In related advisory moves, Moelis has tapped Lazard for its private capital advisory buildout. Meanwhile, Temasek-linked Azalea has raised a smaller fund of funds, reflecting shifting capital dynamics in the sector.