The secondaries market has unquestionably matured in recent years. Despite a temporary slowdown in activity during the first half of this year, notably in the GP-led space, market participants remain bullish about activity in the coming few months. Projections for the second half of 2023 are nothing short of impressive, with some industry experts anticipating approximately $70bn worth of activity.

What's striking about this market's growth is the nuanced interplay between GP-led and LP-led transactions. GP-led deals have surged in popularity due to their remarkable flexibility, adeptly accommodating the distinct needs of investors. The adaptability of these transactions to cater to diverse circumstances is driving their increasing favour. Conversely, LP-led transactions maintain their status as a trusted choice for those looking to diversify portfolios and gain liquidity, offering stability in uncertain times.

Click to read Real Deals UK Secondaries Review Oct 2023

However, the maturation of the secondaries market has not gone unnoticed by the authorities. With its evolution come tighter regulations and heightened scrutiny over deals. These developments are indicative of an industry coming into its own. In this special secondaries overview, we delve into the past, present and future of secondaries, providing insights into the evolving landscape of this dynamic and increasingly influential market.