Three secondaries veterans shared their outlook on GP-led dealmaking, revealing how the market has transformed from a niche practice to mainstream market infrastructure. Sara Huang of Ardian, Brian Parness of Weil, Gotshal & Manges, and Sebastien Siou, formerly of Overbay Capital Partners, discussed five-year trends and future growth areas during a panel discussion.

Panelists identified single-asset continuation vehicles as the fastest-growing segment, driven by their simple structure and appeal to institutional investors seeking focused exposure. The US and Europe remain the most active regions, benefiting from stable legal frameworks and reliable exit pathways. Meanwhile, credit secondaries emerged as a massive untapped opportunity, with the market still in its early stages compared to private equity GP-led activity.

Looking ahead, experts predict continued expansion in specialist-led continuation vehicles, particularly in technology, healthcare, and venture capital. The market's maturation will favor quality over complexity, with poorly structured deals failing to clear while well-designed transactions thrive. Geographic expansion into emerging markets and increased retail investor participation are also expected as the market evolves beyond its current inflection point.