In a recent Bilanz article, Mauro Pfister, Managing Director, Secondaries, explains how the private equity secondary market has evolved into a strategic portfolio management tool for limited partners rather than a last-resort source of liquidity. He notes that LP-led secondaries now play an increasingly important role in helping investors actively rebalance portfolios, manage vintage exposure and optimize private markets allocations, while the continued maturation of the market is creating attractive opportunities for disciplined buyers. The article also highlights the strong growth of the asset class, with global secondaries transaction volume reaching around $230 billion in 2025, more than half of which came from LP-led deals.
To reach the full article, click here (available in German only).