Secondaries

Davis Polk on the differences between equity and credit secondaries

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.

How credit secondaries offer flexibility for LPs

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

StepStone Group on capturing opportunities as the market scales

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.

Blue Owl seeks to reassure investors following Q1 earnings

Co-CEO Marc Lipschultz pushes back on the ‘panic’ narrative, saying it is driven by sentiment, not fundamentals.

Saba Capital to expand second-hand liquidity platform for BDCs, interval funds

The hedge fund and activist investor says it will target public and private BDCs at 30% or more discounts to NAV.

Mercer closes private assets fund on nearly $4bn

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

Loan Note: Secondaries rise provokes LP/GP debate; Pemberton finds retail, software largely US issues

Secondaries on the rise, but LPs and GPs don’t always see eye to eye. Also, Pemberton highlights US/Europe disparity over retail and software woes; and private credit deals on the up in Africa. Here’s today’s brief for our valued subscribers only.

StepStone Group closes $1.58bn credit opportunities fund

The firm’s Credit Opportunities Fund II collected more than double its target and will primarily invest in secondaries and co-investments

Japanese LPs find credit secondaries a challenging prospect

‘Asymmetry’ of information and lack of look-through are preventing some investors from participating, according to speakers at the Private Debt Investor Tokyo Forum.

Secondaries fundraising maintains momentum in 2026

The proportion of capital raised by secondaries funds in Q1 has exceeded that seen in 2025.