Campbell Lutyens, a boutique advisory firm, reports that managers are increasingly turning to GP acquisitions to fill gaps in the secondaries market. Managing director Hannah Gore‑Randall notes a growing scarcity value as high‑profile managers become coveted assets in the competitive landscape.

The secondaries market has expanded to over $200 billion in assets under management, yet the supply of seasoned managers remains tight. By acquiring GP teams, firms gain immediate access to deal pipelines, portfolio expertise, and a foothold in niche sectors for investors.

This trend drives higher transaction fees and concentrates market power in a handful of firms. Investors may face steeper costs, while regulators could scrutinize the growing overlap between GP and secondary activities for potential conflicts of interest in the private equity sector.

Watch for upcoming GP‑backed secondary deals, as well as performance data that could validate or challenge the perceived scarcity premium. Analysts will also track how these acquisitions affect liquidity and pricing dynamics across the broader private‑equity ecosystem in the coming year.