In a recent Secondaries Investor podcast, Evercore's global head of private capital advisory, Nigel Dawn, outlined the evolving landscape for market capitalisation in the secondaries market beyond 2026. Dawn emphasized that activity in 2026 will be driven by strategic acquisitions and portfolio restructuring, moving away from pure financial engineering.

He highlighted Evercore's role in advising clients on navigating this shift, focusing on market capitalisation as a key metric for evaluating secondary investments. Dawn stressed that understanding the underlying business fundamentals of underlying assets remains paramount for investors seeking sustainable returns, suggesting a potential paradigm shift towards more operational involvement.