Exchanges The Rise of Secondaries: Unlocking Liquidity in Private Markets
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Oct 14, 2025 
Join Alex Blostein, a research analyst at Goldman Sachs, and Harold Hope, the global head of Vintage Strategies, as they explore the booming private equity secondaries market. They unpack its rise from niche to necessity, fueled by increasing liquidity needs and retail participation. Discover how investors leverage secondaries for diversification and the intricacies of micro valuation techniques. With predictions pointing to accelerated growth driven by fresh capital and asset diversity, this conversation reveals what the future holds for private markets.
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Rapid Growth And Big Current Volumes
- The secondary market has grown to about $650 billion in assets with ~15% CAGR over the last decade.
- Volumes are accelerating to roughly $200 billion this year, driven by both LP- and GP-led deals.
Retail Entry Widens Liquidity
- Retail participation in secondaries is emerging rapidly from a small base, roughly $40 billion NAV today.
- Increased retail supply and demand improves market liquidity and enables more transactions.
Be Strategic And Patient When Selling
- Sellers should be selective about where they seek liquidity because some assets fetch better value than others.
- Allow time for large portfolio transactions since they can take multiple quarters to close.