{"id":593,"date":"2026-03-16T12:09:30","date_gmt":"2026-03-16T12:09:30","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-rise-of-secondary-markets-in-private-equity\/"},"modified":"2026-09-21T17:52:05","modified_gmt":"2026-09-21T17:52:05","slug":"el-auge-de-los-mercados-secundarios-de-capital-riesgo","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/es\/private-capital\/private-market-liquidity\/the-rise-of-secondary-markets-in-private-equity\/","title":{"rendered":"El capital riesgo est\u00e1 creando su propio mercado de salida"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"810\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg\" alt=\"\" class=\"wp-image-592\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg 1080w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-300x225.jpg 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-1024x768.jpg 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-768x576.jpg 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-16x12.jpg 16w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><figcaption class=\"wp-element-caption\"><em>Foto de Syahril Zulkefli (@syahzul) en Unsplash<\/em><\/figcaption><\/figure>\n\n\n<p><style>body.single-post .cm-featured-image { display: none !important; }<\/style><br \/>El capital riesgo tiene un problema de liquidez. Los fondos mantienen los activos durante m\u00e1s tiempo, las distribuciones se han ralentizado y los inversores siguen necesitando liquidez para cumplir con nuevos compromisos o reequilibrar sus carteras. Los mercados secundarios se han convertido en una de las principales v\u00edas con las que el sector est\u00e1 abordando esta situaci\u00f3n.<\/p>\n<p dir=\"auto\" data-start=\"267\" data-end=\"613\">La magnitud ha cambiado r\u00e1pidamente. Jefferies estima que el volumen global de transacciones secundarias alcanz\u00f3 un r\u00e9cord de $240 mil millones en 2025, lo que supone un aumento del 48 % con respecto a 2024. Las transacciones lideradas por socios comanditarios (LP) representaron $125 mil millones, mientras que las operaciones lideradas por socios generales (GP) alcanzaron los $115 mil millones. Cinco a\u00f1os antes, las operaciones secundarias lideradas por socios generales (GP) ascend\u00edan a unos $35 mil millones.<\/p>\n<p dir=\"auto\" data-start=\"615\" data-end=\"940\">Las operaciones lideradas por socios comanditarios (LP) son la parte m\u00e1s conocida del mercado. Un inversor vende su participaci\u00f3n en un fondo ya existente a otro comprador, en lugar de esperar a que el fondo se liquide. Esto ofrece a los fondos de pensiones, los fondos de dotaci\u00f3n, las oficinas familiares y otros socios comanditarios (LP) una forma de obtener liquidez, reducir su exposici\u00f3n a un gestor o a una promoci\u00f3n concreta, o bien hacer espacio para nuevos compromisos.<\/p>\n<p dir=\"auto\" data-start=\"942\" data-end=\"1342\">Los precios indican a los inversores cu\u00e1nto cuesta esa liquidez. Jefferies sit\u00faa el precio medio de las carteras de LP en el 87 % del valor liquidativo en 2025. Las carteras de buyout se situaron de media en el 92 % del valor liquidativo, mientras que las participaciones en capital riesgo y crecimiento se negociaron en torno al 78 %. Los fondos m\u00e1s antiguos se vend\u00edan, por lo general, con descuentos m\u00e1s pronunciados: las carteras con m\u00e1s de diez a\u00f1os de antig\u00fcedad se situaban, de media, en el 73 % del valor liquidativo.<\/p>\n<p dir=\"auto\" data-start=\"1344\" data-end=\"1637\">El cambio estructural m\u00e1s importante se est\u00e1 produciendo en el \u00e1mbito de los GP. Los gestores recurren cada vez m\u00e1s a veh\u00edculos de continuaci\u00f3n para conservar los activos que no desean vender directamente. A los inversores actuales se les ofrece la posibilidad de elegir entre obtener liquidez o transferir su participaci\u00f3n a un nuevo veh\u00edculo que mantenga la empresa durante m\u00e1s tiempo.<\/p>\n<p dir=\"auto\" data-start=\"1639\" data-end=\"2038\">El volumen liderado por los socios generales (GP) alcanz\u00f3 los $115 mil millones en 2025, lo que supone un aumento interanual del 53 %, y los veh\u00edculos de continuaci\u00f3n representaron la mayor parte de esa actividad. Jefferies estima que estos ya representan alrededor del 14 % del volumen de salidas respaldadas por patrocinadores. Por su parte, Evercore inform\u00f3 de $106 mil millones en transacciones lideradas por los socios generales (GP) en 2025, de los cuales los veh\u00edculos de continuaci\u00f3n de un solo activo representaron $52 mil millones.<\/p>\n<p dir=\"auto\" data-start=\"2040\" data-end=\"2377\">Esto cambia el significado de lo que se entiende por \u201csalida\u201d en el sector del capital riesgo. Un gestor ya no tiene que elegir \u00fanicamente entre vender una empresa, sacarla a bolsa o mantenerla dentro del fondo original. Un veh\u00edculo de continuaci\u00f3n ofrece otra v\u00eda: devolver el capital a los inversores que desean salir, al tiempo que se mantiene la propiedad de un activo que el gestor sigue considerando que tiene margen de crecimiento.<\/p>\n<p dir=\"auto\" data-start=\"2379\" data-end=\"2749\">Esta estructura tambi\u00e9n genera conflictos que los inversores deben analizar detenidamente. Un mismo socio general (GP) puede, en la pr\u00e1ctica, encontrarse en ambos lados de la operaci\u00f3n, organizando la venta desde el fondo anterior y continuando con la gesti\u00f3n del activo en el nuevo. Por lo tanto, la valoraci\u00f3n, las comisiones de la operaci\u00f3n, los reajustes del carry y la calidad del proceso de fijaci\u00f3n de precios son tan importantes como la propia empresa subyacente.<\/p>\n<p dir=\"auto\" data-start=\"2751\" data-end=\"3160\">Los compradores secundarios adoptan la postura contraria porque pueden acceder a los activos en una fase m\u00e1s avanzada de su ciclo de vida, a menudo con m\u00e1s informaci\u00f3n de la que hab\u00eda disponible cuando el fondo original realiz\u00f3 la inversi\u00f3n. Es posible que una cartera ya incluya empresas consolidadas, v\u00edas de salida m\u00e1s claras y per\u00edodos de tenencia restantes m\u00e1s cortos. El descuento respecto al valor liquidativo (VAL) puede mejorar a\u00fan m\u00e1s la rentabilidad, aunque no elimina el riesgo subyacente del negocio ni el riesgo de valoraci\u00f3n.<\/p>\n<p dir=\"auto\" data-start=\"3162\" data-end=\"3505\">El capital ha aprovechado la oportunidad. Jefferies estima que el capital dedicado al mercado secundario alcanz\u00f3 los $327 mil millones en 2025 y alrededor de $477 mil millones si se incluyen el capital tradicional de los socios comanditarios (LP) y el apalancamiento disponible. Tres de los diez fondos de capital riesgo m\u00e1s grandes cerrados durante el a\u00f1o eran veh\u00edculos centrados en el mercado secundario.<\/p>\n<p dir=\"auto\" data-start=\"3507\" data-end=\"3782\">El mercado tambi\u00e9n se est\u00e1 extendiendo m\u00e1s all\u00e1 de los fondos de adquisici\u00f3n. El mercado secundario de cr\u00e9dito privado alcanz\u00f3 unos $20 mil millones en 2025, casi el doble que el a\u00f1o anterior, mientras que el mercado secundario de infraestructuras y otros activos reales se est\u00e1 expandiendo a medida que esos mercados maduran.<\/p>\n<p dir=\"auto\" data-start=\"3784\" data-end=\"4030\">Para los inversores, la cuesti\u00f3n pr\u00e1ctica no es simplemente que el capital riesgo haya ganado en liquidez. Se ha vuelto m\u00e1s negociable. Las participaciones en fondos, las carteras maduras y las empresas individuales disponen ahora de m\u00e1s v\u00edas para encontrar un nuevo propietario que hace una d\u00e9cada.<\/p>\n<p dir=\"auto\" data-start=\"4032\" data-end=\"4365\">Esa flexibilidad tiene un precio. Los vendedores pueden aceptar un descuento, los compradores deben valorar si los valores liquidativos declarados son realistas y los veh\u00edculos de continuaci\u00f3n requieren un an\u00e1lisis minucioso de los conflictos e incentivos. Sin embargo, la antigua suposici\u00f3n de que el capital de capital riesgo permanece inmovilizado hasta que el gestor decide salir del investimento est\u00e1 dejando de ser tan cierta.<\/p>\n<p dir=\"auto\" data-start=\"4367\" data-end=\"4650\" data-is-last-node=\"\" data-is-only-node=\"\">Los mercados secundarios ya no son un nicho utilizado principalmente por inversores que se encuentran bajo presi\u00f3n. Se est\u00e1n convirtiendo en parte del mecanismo operativo del capital riesgo: un mercado para liberar capital, ampliar la base de accionistas y fijar un precio a los activos antes de que el fondo original llegue al final de su vida \u00fatil.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Los mercados secundarios ofrecen a los inversores de capital riesgo una forma de vender, reequilibrar y liberar capital sin tener que esperar a que venza el fondo subyacente.<\/p>","protected":false},"author":2,"featured_media":592,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[26],"tags":[],"class_list":["post-593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-market-liquidity"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-150x150.jpg","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-300x225.jpg","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-768x576.jpg","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-1024x768.jpg","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-16x12.jpg","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-392x272.jpg","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-390x205.jpg","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-130x90.jpg","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-800x445.jpg","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-150x150.jpg","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-1080x600.jpg"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Secondaries are giving private-equity investors a way to sell, rebalance and free up capital without waiting for the underlying fund to mature.","magazineBlocksPostCategories":["Private Market Liquidity"],"magazineBlocksPostViewCount":9600,"magazineBlocksPostReadTime":4,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg",1080,810,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-300x225.jpg",300,225,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-150x150.jpg",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/es\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/es\/category\/private-capital\/private-market-liquidity\/\">Private Market Liquidity<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private Equity Is Building an Exit Market of Its Own - Global Wealth, Family Offices &amp; 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