The secondaries market is increasingly used to reconcile competing investor objectives with a broadening base of investors flocking to the asset class. These developments are permanent. Introducing Secondaries Investor's new and improved Advisory and Law Firm surveys — a more granular way of tracking an increasingly sophisticated marketplace.

There's reasons on all sides to settle on market practice when it comes to continuation vehicle guidance — lest regulators decide it for you. The lack of standardisation when it comes to benchmarking secondaries raises questions about how the strategy should be measured and whether traditional PE benchmarks are a good fit. The sub-asset class has been described as one of the most undercapitalised private market strategies — while estimates for future growth are high, there are structural elements to consider.

Secondaries Investor's Next Gen Leaders list 2026 will provide clues about the future of the market's growth. Some LPs have expressed scepticism around the return potential of LP-led secondaries, while interest in CVs is heating up. Senior execs have been working to spell out why secondaries mark-up practices make sense following public scepticism from peers.

Secondaries Investor's latest CV deal log shows activity broadening across segments, transaction types and asset classes. Lazard's acquisition of Campbell Lutyens proves scale matters. While there's room at the top for more players, success will come with a price tag.