Limited Partners

The inaugural survey of the secondaries market by Private Debt Investor’s affiliate title takes the temperature of LP, GP, buyer and provider attitudes towards this fast-growing market.

A distribution desert has led to a surge in first-time LP sellers, while a challenged fundraising market has heralded the return of the primary staple.

The ongoing expansion of the credit secondaries market looks like a buyers’ market. Sellers are selling because they must – buyers are buying because of a great opportunity.

Retail redemptions and software exposure highlight the need for liquidity across private credit, offering potential opportunities for secondaries investors, according to Rakesh (Rick) Jain and Toni Vainio at Pantheon.

AI may be poised to turbocharge secondaries underwriting, but digital marketplaces and tokenisation are yet to gain traction.

The private credit secondaries market is taking off but, when it comes to GP-led deals in particular, there are key distinctions to be aware of vis-à-vis equity secondaries transactions, say Leor Landa and Sijia Cai, partners at Davis Polk.

Whether diversifying a portfolio or rapidly putting capital to work, credit secondaries offer a vital new tool for investors.

Infrastructure debt is increasingly popular among LPs, particularly those with more established credit portfolios.

Marsh’s investment manager outpaces the target for its eighth vintage.

The UK insurer is talking to managers of collateralised loan obligations as it eyes new areas of private debt. It’s also active in fund finance.