The Mack Podcast The Secondaries Shift: Liquidity, Timing, and Opportunity in Private Markets
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Mar 20, 2026 Jerry Graunke, family-office operator focused on services businesses; Tim Ladin, family-office investment professional with value-investing roots; Adam Freda, MD at 50 South Capital specializing in secondaries. They discuss the rise of secondaries into a core allocation. They cover liquidity-driven selling, GP-led continuation funds, diligence speed and alignment, and where families choose funds versus direct deals.
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Family Office Used Liquidity To Buy And Hold Winners
- Tim described using family office liquidity to buy and hold downturn opportunities for outsized long-term gains.
- They invested directly, helped manage at board level, and earned profits beyond what typical funds could capture.
Distribution Cliff Is Primary Secondary Supply Driver
- The distribution cliff is driving supply as LPs need liquidity rather than exiting the asset class.
- LPs sell 2017–2021 vintage funds (winners) at a discount to free capacity for oversubscribed 2025 vintages.
Allocate Across Secondary Transaction Types
- Diversify secondary exposure across transaction types to match risk and concentration preferences.
- Use a flagship diversified fund for broad exposure and a concentrated continuation vehicle for targeted, 30-deal stakes.