Secondaries

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.

An abundance of capital and opportunity is coming together, say Mark Boyagi, Sean Hill and Ted Cardos, partners in the investment funds practice at Kirkland & Ellis.

With GP-led deal popularity soaring and opportunistic portfolios entering the fray, there is now a broader opportunity, according to Daniel Roddick, founder at Ely Place Partners.

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.

Avoiding tax leakage has become a key consideration for investors in the credit secondaries market, according to Mindi Lowy, a tax partner at PwC.

In the report: Global Market Survey 2026 – PDI takes a deep dive into the rapid rise of secondaries. GPs, LPs and advisers share their thoughts on the market; Expert analysis from industry leaders; And much more…

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.

Innovative structuring is helping to drive the next phase of growth in credit secondaries, maintains John Bohill, partner and member of the Private Debt Investment Committee at StepStone Group.