The Mack Podcast Why Family Offices Are Expanding Their Private Market Exposure Through Secondaries
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Feb 17, 2026 Joe Bell, advisor to single-family offices focused on co-investments and liquidity planning. Dana Baines, private markets distribution leader making direct deals accessible to UHNW and institutional clients. They discuss why direct secondaries matter now. They explain tender mechanics, types of secondaries, allocation scarcity, diligence limits, rising family office allocations, and hot sectors like AI and defense tech.
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Private Companies Stay Private Longer
- Private companies are staying private far longer, pushing liquidity events into secondaries and tenders.
- That shift increases private-market opportunity as public listings shrink and unicorns remain private.
SpaceX's Biannual Tender Example
- SpaceX runs biannual tender offers that let employees sell over a billion dollars of stock.
- That clockwork tender model is being replicated by other large private companies.
Three Secondaries Types Explained
- Secondaries split into LP secondaries, GP-led deals (like continuation funds), and direct secondaries from shareholders.
- Families are most interested in direct secondaries for targeted exposure to private companies.