Partners Capital, the OCIO managing over $60 billion for endowments, foundations and family offices, is deepening its involvement in private‑market secondaries market. The London‑based firm now acts as both buyer and seller, aiming to recycle legacy positions into fresh opportunities as primary fundraising slows, to preserve fund performance.

Secondaries have gained traction as investors seek liquidity and exposure to mature private‑equity assets without committing fresh capital. Traditional return mechanisms, such as preferred‑return waterfalls, have become less appealing, prompting firms like Partners Capital to diversify strategies. By buying stakes, the firm can acquire assets at discount, while selling allows it to free up capital for new mandates. They also add price discovery.

The dual‑track approach positions Partners Capital to smooth cash‑flow cycles and enhance portfolio returns for its limited‑partner clients. As the secondary market continues to expand, the firm’s willingness to both source and dispose of positions signals a shift toward more active capital management, cementing secondaries as a core component of its OCIO toolkit. Clients appreciate the added flexibility and transparency.