{"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":"lessor-des-marches-secondaires-dans-le-domaine-du-capital-investissement","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/private-capital\/private-market-liquidity\/the-rise-of-secondary-markets-in-private-equity\/","title":{"rendered":"Le capital-investissement est en train de se cr\u00e9er son propre march\u00e9 de sortie"},"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>Photo de Syahril Zulkefli (@syahzul) sur Unsplash<\/em><\/figcaption><\/figure>\n\n\n<p><style>body.single-post .cm-featured-image { display: none !important; }<\/style><br \/>Le capital-investissement est confront\u00e9 \u00e0 un probl\u00e8me de liquidit\u00e9. Les fonds conservent leurs actifs plus longtemps, les distributions ont ralenti et les investisseurs ont toujours besoin de liquidit\u00e9s pour honorer de nouveaux engagements ou r\u00e9\u00e9quilibrer leurs portefeuilles. Les march\u00e9s secondaires sont devenus l'un des principaux moyens utilis\u00e9s par le secteur pour y faire face.<\/p>\n<p dir=\"auto\" data-start=\"267\" data-end=\"613\">L'ampleur du march\u00e9 a \u00e9volu\u00e9 rapidement. Jefferies estime que le volume mondial des transactions sur le march\u00e9 secondaire a atteint un niveau record de $240 milliards en 2025, soit une hausse de 48 % par rapport \u00e0 2024. Les transactions men\u00e9es par les LP ont repr\u00e9sent\u00e9 $125 milliards, tandis que celles men\u00e9es par les GP ont atteint $115 milliards. Cinq ans plus t\u00f4t, les transactions secondaires men\u00e9es par les GP s'\u00e9levaient \u00e0 environ $35 milliards.<\/p>\n<p dir=\"auto\" data-start=\"615\" data-end=\"940\">Les transactions men\u00e9es par des commanditaires (LP) constituent la partie la plus connue du march\u00e9. Un investisseur c\u00e8de sa participation dans un fonds existant \u00e0 un autre acqu\u00e9reur plut\u00f4t que d\u2019attendre la liquidation du fonds. Cela permet aux fonds de pension, aux fonds de dotation, aux family offices et \u00e0 d\u2019autres commanditaires de lever des liquidit\u00e9s, de r\u00e9duire leur exposition \u00e0 un gestionnaire ou \u00e0 une promotion, ou encore de lib\u00e9rer des ressources pour de nouveaux engagements.<\/p>\n<p dir=\"auto\" data-start=\"942\" data-end=\"1342\">La valorisation indique aux investisseurs le co\u00fbt de cette liquidit\u00e9. Jefferies estime que la valorisation moyenne des portefeuilles de LP s\u2019\u00e9tablira \u00e0 87 % de la valeur nette d\u2019inventaire en 2025. Les portefeuilles de rachat se n\u00e9gociaient en moyenne \u00e0 92 % de la VNI, tandis que les participations en capital-risque et en capital de croissance se n\u00e9gociaient plut\u00f4t autour de 78 %. Les fonds plus anciens se sont g\u00e9n\u00e9ralement vendus avec des d\u00e9cotes plus importantes : les portefeuilles de plus de dix ans s'\u00e9tablissaient en moyenne \u00e0 73 % de la valeur liquidative.<\/p>\n<p dir=\"auto\" data-start=\"1344\" data-end=\"1637\">C'est du c\u00f4t\u00e9 des GP que s'op\u00e8re le changement structurel le plus important. Les gestionnaires ont de plus en plus souvent recours \u00e0 des v\u00e9hicules de continuation pour conserver les actifs qu'ils ne souhaitent pas c\u00e9der purement et simplement. Les investisseurs existants se voient proposer un choix : encaisser leurs gains ou r\u00e9investir leur participation dans un nouveau v\u00e9hicule qui conservera la soci\u00e9t\u00e9 plus longtemps.<\/p>\n<p dir=\"auto\" data-start=\"1639\" data-end=\"2038\">Le volume des op\u00e9rations men\u00e9es par les GP a atteint $115 milliards en 2025, soit une hausse de 53 % par rapport \u00e0 l\u2019ann\u00e9e pr\u00e9c\u00e9dente, les v\u00e9hicules de continuation repr\u00e9sentant la majeure partie de cette activit\u00e9. Jefferies estime qu\u2019ils repr\u00e9sentent d\u00e9j\u00e0 environ 14 % du volume des sorties soutenues par des sponsors. Evercore a quant \u00e0 lui fait \u00e9tat de $106 milliards de transactions men\u00e9es par des GP en 2025, les v\u00e9hicules de continuation \u00e0 actif unique repr\u00e9sentant $52 milliards.<\/p>\n<p dir=\"auto\" data-start=\"2040\" data-end=\"2377\">Cela modifie la signification du terme \u201c sortie \u201d dans le secteur du capital-investissement. Un gestionnaire n\u2019est plus oblig\u00e9 de choisir uniquement entre vendre une entreprise, l\u2019introduire en bourse ou la conserver au sein du fonds d\u2019origine. Un v\u00e9hicule de continuation offre une autre voie : restituer le capital aux investisseurs qui souhaitent se retirer tout en conservant la propri\u00e9t\u00e9 d\u2019un actif dont le gestionnaire estime qu\u2019il pr\u00e9sente encore un potentiel de croissance.<\/p>\n<p dir=\"auto\" data-start=\"2379\" data-end=\"2749\">Cette structure engendre \u00e9galement des conflits que les investisseurs doivent examiner de pr\u00e8s. Un m\u00eame gestionnaire g\u00e9n\u00e9ral (GP) peut en effet se retrouver des deux c\u00f4t\u00e9s de la transaction : d\u2019une part, en organisant la cession au titre de l\u2019ancien fonds et, d\u2019autre part, en continuant \u00e0 g\u00e9rer l\u2019actif au sein du nouveau fonds. L\u2019\u00e9valuation, les frais de transaction, la r\u00e9vision des commissions de performance et la qualit\u00e9 du processus de fixation des prix rev\u00eatent donc autant d\u2019importance que la soci\u00e9t\u00e9 sous-jacente.<\/p>\n<p dir=\"auto\" data-start=\"2751\" data-end=\"3160\">Les acqu\u00e9reurs secondaires adoptent une position oppos\u00e9e, car ils peuvent investir dans des actifs \u00e0 un stade plus avanc\u00e9 de leur cycle de vie, souvent en disposant de plus d\u2019informations que celles dont disposait le fonds d\u2019origine au moment de son investissement. Un portefeuille peut d\u00e9j\u00e0 comprendre des entreprises arriv\u00e9es \u00e0 maturit\u00e9, des strat\u00e9gies de sortie plus claires et des dur\u00e9es de d\u00e9tention restantes plus courtes. La d\u00e9cote par rapport \u00e0 la valeur liquidative peut am\u00e9liorer encore la rentabilit\u00e9, m\u00eame si elle ne supprime pas le risque sous-jacent li\u00e9 \u00e0 l\u2019activit\u00e9 ou \u00e0 l\u2019\u00e9valuation.<\/p>\n<p dir=\"auto\" data-start=\"3162\" data-end=\"3505\">Les capitaux ont suivi cette opportunit\u00e9. Jefferies estime que les capitaux d\u00e9di\u00e9s au march\u00e9 secondaire ont atteint $327 milliards en 2025 et environ $477 milliards si l'on inclut les capitaux traditionnels des investisseurs (LP) et l'effet de levier disponible. Trois des dix plus grands fonds de capital-investissement cl\u00f4tur\u00e9s au cours de l'ann\u00e9e \u00e9taient des v\u00e9hicules ax\u00e9s sur le march\u00e9 secondaire.<\/p>\n<p dir=\"auto\" data-start=\"3507\" data-end=\"3782\">Le march\u00e9 ne se limite pas non plus aux fonds de rachat. Les transactions secondaires sur le march\u00e9 du cr\u00e9dit priv\u00e9 ont atteint environ $20 milliards en 2025, soit pr\u00e8s du double de l'ann\u00e9e pr\u00e9c\u00e9dente, tandis que les transactions secondaires dans les infrastructures et autres actifs r\u00e9els se d\u00e9veloppent \u00e0 mesure que ces march\u00e9s arrivent \u00e0 maturit\u00e9.<\/p>\n<p dir=\"auto\" data-start=\"3784\" data-end=\"4030\">Pour les investisseurs, l'enjeu concret ne r\u00e9side pas simplement dans le fait que le capital-investissement soit devenu plus liquide. Il est \u00e9galement devenu plus n\u00e9gociable. Les parts de fonds, les portefeuilles arriv\u00e9s \u00e0 maturit\u00e9 et les entreprises individuelles disposent d\u00e9sormais de davantage de voies pour trouver un nouveau propri\u00e9taire qu'il y a dix ans.<\/p>\n<p dir=\"auto\" data-start=\"4032\" data-end=\"4365\">Cette flexibilit\u00e9 a toutefois un prix. Les vendeurs peuvent \u00eatre amen\u00e9s \u00e0 accepter une d\u00e9cote, les acheteurs doivent \u00e9valuer si les valeurs liquidatives d\u00e9clar\u00e9es sont r\u00e9alistes, et les structures de continuation n\u00e9cessitent un examen minutieux des conflits d\u2019int\u00e9r\u00eats et des incitations. Mais l\u2019ancienne hypoth\u00e8se selon laquelle les capitaux de capital-investissement restent immobilis\u00e9s jusqu\u2019\u00e0 ce que le gestionnaire d\u00e9cide de se d\u00e9sengager perd peu \u00e0 peu de sa pertinence.<\/p>\n<p dir=\"auto\" data-start=\"4367\" data-end=\"4650\" data-is-last-node=\"\" data-is-only-node=\"\">Les march\u00e9s secondaires ne constituent plus un cr\u00e9neau r\u00e9serv\u00e9 principalement aux investisseurs en difficult\u00e9. Ils s\u2019int\u00e8grent d\u00e9sormais dans le fonctionnement m\u00eame du capital-investissement : un march\u00e9 permettant de lib\u00e9rer des capitaux, d\u2019\u00e9largir le cercle des actionnaires et d\u2019\u00e9valuer la valeur des actifs avant que le fonds d\u2019origine n\u2019arrive en fin de vie.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Les march\u00e9s secondaires offrent aux investisseurs en capital-investissement un moyen de vendre, de r\u00e9\u00e9quilibrer leurs portefeuilles et de d\u00e9gager des capitaux sans avoir \u00e0 attendre l'\u00e9ch\u00e9ance du fonds sous-jacent.<\/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":9639,"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\/fr\/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\/fr\/category\/private-capital\/private-market-liquidity\/\">Private Market Liquidity<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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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