{"id":723,"date":"2026-06-17T07:40:33","date_gmt":"2026-06-17T07:40:33","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-rise-of-secondary-markets-in-private-equity-2\/"},"modified":"2026-06-17T07:40:33","modified_gmt":"2026-06-17T07:40:33","slug":"lessor-des-marches-secondaires-dans-le-secteur-du-capital-investissement-2","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/private-capital\/private-market-liquidity\/the-rise-of-secondary-markets-in-private-equity-2\/","title":{"rendered":"L'essor des march\u00e9s secondaires dans le secteur du capital-investissement"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<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\" \/>\n<figcaption><em>Photo de Syahril Zulkefli (@syahzul) sur Unsplash<\/em><\/figcaption>\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n\n\n    <meta charset=\"UTF-8\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>L'essor des march\u00e9s secondaires dans le secteur du capital-investissement<\/title><p class=\"isSelectedEnd\"><span>Le march\u00e9 secondaire du capital-investissement, qui \u00e9tait \u00e0 l\u2019origine un d\u00e9bouch\u00e9 sp\u00e9cialis\u00e9 destin\u00e9 aux vendeurs en difficult\u00e9, est devenu un \u00e9l\u00e9ment important de l\u2019infrastructure financi\u00e8re du secteur. Lazard a estim\u00e9 que le volume des transactions avait atteint $233 milliards en 2025, contre $152 milliards l\u2019ann\u00e9e pr\u00e9c\u00e9dente, tandis que Jefferies a chiffr\u00e9 ce total \u00e0 $240 milliards. Ces estimations pr\u00e9cises divergent car les conseillers classent les transactions diff\u00e9remment, mais elles aboutissent toutes deux \u00e0 la m\u00eame conclusion : les investisseurs et les gestionnaires de fonds recourent de plus en plus aux transactions secondaires pour g\u00e9rer un march\u00e9 du capital-investissement o\u00f9 les sorties et les distributions de liquidit\u00e9s restent difficiles.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette expansion ne se r\u00e9sume pas simplement \u00e0 la vente par les investisseurs de leurs parts de fonds avant leur \u00e9ch\u00e9ance. Les commanditaires utilisent le march\u00e9 pour r\u00e9\u00e9quilibrer leurs portefeuilles, r\u00e9duire leurs expositions anciennes et lib\u00e9rer des capitaux en vue de nouveaux engagements. Les commandit\u00e9s transf\u00e8rent certaines soci\u00e9t\u00e9s vers des structures de continuation lorsqu\u2019ils estiment qu\u2019un actif n\u00e9cessite plus de temps pour se d\u00e9velopper que ne le permet le fonds d\u2019origine. De nouveaux acheteurs, notamment des fonds secondaires sp\u00e9cialis\u00e9s, des investisseurs institutionnels issus des fonds de pension, des structures de gestion de patrimoine et des gestionnaires du march\u00e9 priv\u00e9, apportent des capitaux aux deux parties.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette croissance rend les march\u00e9s priv\u00e9s plus flexibles, mais ne leur conf\u00e8re pas pour autant la m\u00eame liquidit\u00e9 que les actions ou les obligations cot\u00e9es en bourse. Les transactions continuent de faire l\u2019objet de n\u00e9gociations, les prix peuvent varier consid\u00e9rablement et les investisseurs peuvent devoir attendre plusieurs mois avant la conclusion d\u2019une op\u00e9ration. Les march\u00e9s secondaires r\u00e9duisent la rigidit\u00e9 des fonds priv\u00e9s \u00e0 long terme ; ils ne suppriment toutefois pas les risques li\u00e9s \u00e0 l\u2019\u00e9valuation et \u00e0 la gouvernance qui surviennent lorsque les actifs ne peuvent pas \u00eatre n\u00e9goci\u00e9s en continu.<\/span><\/p><h2><span>Un march\u00e9 n\u00e9 des contraintes li\u00e9es \u00e0 la structure du fonds<\/span><\/h2><p class=\"isSelectedEnd\"><span>Les fonds de capital-investissement traditionnels sont g\u00e9n\u00e9ralement con\u00e7us pour une dur\u00e9e de dix ans ou plus. Les investisseurs engagent leurs capitaux au lancement du fonds, les gestionnaires les mobilisent sur plusieurs ann\u00e9es et les fonds sont restitu\u00e9s au fur et \u00e0 mesure de la cession des soci\u00e9t\u00e9s du portefeuille. Cette structure permet aux gestionnaires d\u2019investir sans avoir \u00e0 faire face \u00e0 des demandes de rachat quotidiennes, mais elle implique \u00e9galement que les commanditaires n\u2019ont gu\u00e8re de contr\u00f4le sur le calendrier des flux de tr\u00e9sorerie.<\/span><\/p><p class=\"isSelectedEnd\"><span>Le march\u00e9 secondaire s'est d\u00e9velopp\u00e9 pour pallier cette contrainte. Un investisseur qui ne souhaite plus attendre l'\u00e9ch\u00e9ance d'un fonds peut c\u00e9der sa participation \u00e0 un autre acqu\u00e9reur, transf\u00e9rant ainsi \u00e0 la fois la valeur r\u00e9siduelle et l'obligation de r\u00e9pondre aux appels de fonds futurs. L'acqu\u00e9reur b\u00e9n\u00e9ficie ainsi d'une exposition \u00e0 un portefeuille plus m\u00fbr, souvent avec une meilleure visibilit\u00e9 sur les actifs sous-jacents que celle dont on disposait lorsque le fonds a lev\u00e9 ses capitaux \u00e0 l'origine.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les premi\u00e8res ventes sur le march\u00e9 secondaire \u00e9taient souvent li\u00e9es \u00e0 des difficult\u00e9s financi\u00e8res. Les investisseurs vendaient parce qu\u2019ils avaient besoin de liquidit\u00e9s, avaient d\u00e9pass\u00e9 leurs limites d\u2019allocation ou n\u2019\u00e9taient plus en mesure d\u2019honorer leurs engagements. Les acheteurs s\u2019attendaient \u00e0 b\u00e9n\u00e9ficier de d\u00e9cotes importantes par rapport \u00e0 la valeur nette d\u2019inventaire publi\u00e9e, en compensation de l\u2019incertitude, du manque d\u2019informations et de la possibilit\u00e9 que le vendeur agisse sous la contrainte.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette perception a \u00e9volu\u00e9. Les institutions utilisent d\u00e9sormais le march\u00e9 comme un outil actif de gestion de portefeuille, tandis que les acheteurs sp\u00e9cialis\u00e9s ont mobilis\u00e9 des capitaux plus importants et am\u00e9lior\u00e9 leurs capacit\u00e9s d'analyse. Une cession peut refl\u00e9ter une d\u00e9cision strat\u00e9gique visant \u00e0 r\u00e9duire l'exposition \u00e0 un gestionnaire, \u00e0 une zone g\u00e9ographique ou \u00e0 une ann\u00e9e de lancement, plut\u00f4t qu'un probl\u00e8me li\u00e9 au fonds lui-m\u00eame.<\/span><\/p><p class=\"isSelectedEnd\"><span>La crise financi\u00e8re mondiale a acc\u00e9l\u00e9r\u00e9 cette \u00e9volution, car les banques, les fonds de retraite et d\u2019autres institutions ont \u00e9t\u00e9 contraints d\u2019assainir leurs bilans. Cette p\u00e9riode a montr\u00e9 que m\u00eame les investisseurs ayant des engagements \u00e0 long terme pouvaient se retrouver confront\u00e9s \u00e0 un besoin impr\u00e9vu de liquidit\u00e9s. Elle a \u00e9galement permis aux sp\u00e9cialistes du march\u00e9 secondaire de s\u2019imposer comme des contreparties cr\u00e9dibles, capables d\u2019analyser et d\u2019acqu\u00e9rir des portefeuilles complexes.<\/span><\/p><h2><span>Cette derni\u00e8re hausse s'explique par une p\u00e9nurie de distributions<\/span><\/h2><p class=\"isSelectedEnd\"><span>Cette expansion actuelle est \u00e9troitement li\u00e9e au ralentissement prolong\u00e9 des sorties dans le secteur du capital-investissement. La hausse des taux d\u2019int\u00e9r\u00eat, la baisse des valorisations et les incertitudes quant \u00e0 la croissance \u00e9conomique ont rendu plus difficile pour les gestionnaires de c\u00e9der des entreprises ou de les introduire en bourse. Les actifs restant plus longtemps dans les fonds, les distributions de liquidit\u00e9s aux investisseurs sont tomb\u00e9es en dessous des niveaux auxquels s\u2019attendaient de nombreuses institutions au moment o\u00f9 elles ont pris leurs engagements.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cela pose un probl\u00e8me concret aux commanditaires. Les fonds de pension, les fonds de dotation et les assureurs financent souvent leurs nouveaux engagements dans le capital-investissement en partie gr\u00e2ce aux distributions g\u00e9n\u00e9r\u00e9es par des fonds plus anciens. Lorsque ces distributions ralentissent, les investisseurs re\u00e7oivent moins de liquidit\u00e9s tout en continuant \u00e0 faire face \u00e0 des appels de fonds \u00e9manant de v\u00e9hicules plus r\u00e9cents. Ils peuvent se retrouver surpond\u00e9r\u00e9s sur les march\u00e9s priv\u00e9s, m\u00eame si la valeur d\u00e9clar\u00e9e de leur portefeuille n\u2019a pas baiss\u00e9.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les op\u00e9rations sur le march\u00e9 secondaire constituent un moyen de d\u00e9gager des capitaux. Un investisseur peut vendre des parts de fonds plus anciennes, r\u00e9duire ses engagements non financ\u00e9s ou c\u00e9der un ensemble de positions qui ne correspondent plus \u00e0 sa strat\u00e9gie. Le produit de ces op\u00e9rations peut servir \u00e0 honorer des engagements, \u00e0 financer de nouveaux engagements ou \u00e0 r\u00e9\u00e9quilibrer son portefeuille en faveur d'autres classes d'actifs.<\/span><\/p><p class=\"isSelectedEnd\"><span>Ce march\u00e9 aide \u00e9galement les commandit\u00e9s \u00e0 faire face \u00e0 ces m\u00eames pressions en mati\u00e8re de liquidit\u00e9. Lorsque les gestionnaires ne parviennent pas \u00e0 c\u00e9der une soci\u00e9t\u00e9 \u00e0 un prix acceptable, ils peuvent cr\u00e9er un fonds de continuation qui rach\u00e8te l'actif au fonds pr\u00e9c\u00e9dent. Les investisseurs existants se voient g\u00e9n\u00e9ralement proposer le choix entre c\u00e9der leur participation ou la transf\u00e9rer vers le nouveau v\u00e9hicule.<\/span><\/p><p class=\"isSelectedEnd\"><span>M. Bain a expliqu\u00e9 que le secteur du capital-investissement dans son ensemble \u00e9tait confront\u00e9 \u00e0 un probl\u00e8me de liquidit\u00e9 d\u00fb \u00e0 un important arri\u00e9r\u00e9 d\u2019entreprises invendues et \u00e0 des dur\u00e9es de d\u00e9tention plus longues. Ce contexte a renforc\u00e9 le r\u00f4le des op\u00e9rations secondaires, mais il implique \u00e9galement que les acheteurs doivent faire la distinction entre les actifs qui ont r\u00e9ellement besoin de plus de temps et ceux dont les gestionnaires recourent \u00e0 de nouvelles structures pour repousser une sortie difficile.<\/span><\/p><h2><span>Les op\u00e9rations men\u00e9es par les LP font d\u00e9sormais partie int\u00e9grante de la gestion de portefeuille<\/span><\/h2><p class=\"isSelectedEnd\"><span>Dans le cadre d'une op\u00e9ration men\u00e9e par un LP, un investisseur existant c\u00e8de une ou plusieurs participations dans un fonds \u00e0 un acqu\u00e9reur secondaire. L'acqu\u00e9reur reprend la position \u00e9conomique du c\u00e9dant, y compris les distributions futures et les engagements de capital restants. Ces op\u00e9rations peuvent porter sur un seul fonds ou sur un portefeuille comprenant des participations dans des dizaines de v\u00e9hicules d'investissement.<\/span><\/p><p class=\"isSelectedEnd\"><span>Le vendeur peut avoir plusieurs raisons de r\u00e9aliser une transaction. Un fonds de pension pourrait r\u00e9duire son exposition au capital-investissement \u00e0 la suite de modifications apport\u00e9es \u00e0 sa politique d\u2019allocation. Une banque ou un assureur peut devoir se conformer \u00e0 des exigences r\u00e9glementaires en mati\u00e8re de fonds propres. Une fondation peut avoir besoin de liquidit\u00e9s pour faire face \u00e0 ses d\u00e9penses, tandis qu\u2019un family office peut chercher \u00e0 simplifier un portefeuille h\u00e9rit\u00e9 d\u2019une \u00e9quipe d\u2019investissement pr\u00e9c\u00e9dente.<\/span><\/p><p class=\"isSelectedEnd\"><span>Le California Public Employees\u2019 Retirement System (CalPERS) illustre bien comment une grande institution peut tirer parti du march\u00e9 dans les deux sens. Le CalPERS a c\u00e9d\u00e9 des positions existantes dans le cadre de ses efforts visant \u00e0 restructurer son portefeuille de capital-investissement, tout en acqu\u00e9rant des participations sur le march\u00e9 secondaire afin d\u2019am\u00e9liorer sa r\u00e9partition entre les gestionnaires et les ann\u00e9es de lancement. Son acquisition annonc\u00e9e d\u2019environ $500mn de participations aupr\u00e8s de la fondation de Yale en 2025 montre que les op\u00e9rations sur le march\u00e9 secondaire peuvent servir aussi bien \u00e0 d\u00e9ployer des capitaux qu\u2019\u00e0 les d\u00e9gager.<\/span><\/p><p class=\"isSelectedEnd\"><span>Il s'agit l\u00e0 d'une \u00e9volution importante, car elle remet en cause l'id\u00e9e selon laquelle une vente secondaire serait n\u00e9cessairement le signe d'une faiblesse. Yale peut estimer que certains de ses actifs ne r\u00e9pondent plus \u00e0 ses besoins de liquidit\u00e9, tandis que CalPERS peut consid\u00e9rer ces m\u00eames actifs comme int\u00e9ressants au prix n\u00e9goci\u00e9. Cette transaction permet aux deux institutions de poursuivre des objectifs diff\u00e9rents sans pour autant obliger les gestionnaires concern\u00e9s \u00e0 c\u00e9der leurs soci\u00e9t\u00e9s.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les op\u00e9rations men\u00e9es par des LP permettent \u00e9galement aux acheteurs d'acc\u00e9der \u00e0 des portefeuilles d\u00e9j\u00e0 constitu\u00e9s. Contrairement \u00e0 un engagement dans un nouveau fonds, o\u00f9 les investisseurs peuvent devoir attendre des ann\u00e9es avant que les capitaux ne soient d\u00e9ploy\u00e9s, un achat sur le march\u00e9 secondaire peut offrir une exposition imm\u00e9diate \u00e0 des entreprises qui op\u00e8rent d\u00e9j\u00e0 au sein du portefeuille. Cela r\u00e9duit le risque li\u00e9 aux \u00ab blind pools \u00bb, m\u00eame si cela ne supprime pas l'incertitude quant aux valorisations et aux sorties futures.<\/span><\/p><h2><span>La tarification ne d\u00e9pend pas uniquement de la remise annonc\u00e9e<\/span><\/h2><p class=\"isSelectedEnd\"><span>Les transactions sur le march\u00e9 secondaire sont souvent d\u00e9crites en fonction de la d\u00e9cote ou de la prime pay\u00e9e par rapport \u00e0 la valeur nette d'inventaire (VNI) publi\u00e9e. Un acheteur qui paie 90 centimes pour chaque dollar de VNI publi\u00e9e semble b\u00e9n\u00e9ficier d'une d\u00e9cote de 10 %. Cet indicateur est utile, mais il peut \u00eatre trompeur s'il est consid\u00e9r\u00e9 isol\u00e9ment.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les valeurs d'actif nettes sont des estimations \u00e9tablies par les gestionnaires de fonds, g\u00e9n\u00e9ralement sur une base trimestrielle. Elles peuvent s'appuyer sur des soci\u00e9t\u00e9s cot\u00e9es comparables, des transactions r\u00e9centes, des flux de tr\u00e9sorerie actualis\u00e9s ou d'autres m\u00e9thodes d'\u00e9valuation. En p\u00e9riode de forte volatilit\u00e9 des march\u00e9s, le chiffre publi\u00e9 peut ne pas refl\u00e9ter les conditions de financement actuelles ni le prix auquel un actif pourrait effectivement \u00eatre vendu.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les acheteurs examinent donc les soci\u00e9t\u00e9s sous-jacentes, la structure de leur endettement, leurs performances op\u00e9rationnelles et le calendrier probable de sortie. Un portefeuille acquis avec une l\u00e9g\u00e8re d\u00e9cote peut s'av\u00e9rer int\u00e9ressant si ses actifs sont de grande qualit\u00e9 et proches d'\u00eatre r\u00e9alis\u00e9s. En revanche, un portefeuille b\u00e9n\u00e9ficiant d'une forte d\u00e9cote peut tout de m\u00eame pr\u00e9senter un faible potentiel de valeur si les soci\u00e9t\u00e9s ont besoin de capitaux suppl\u00e9mentaires ou si leurs perspectives sont peu encourageantes.<\/span><\/p><p class=\"isSelectedEnd\"><span>Le moment auquel la valeur liquidative de r\u00e9f\u00e9rence est \u00e9tablie a \u00e9galement son importance. Une transaction n\u00e9goci\u00e9e sur la base d\u2019une valorisation datant de plusieurs mois peut faire l\u2019objet d\u2019un ajustement tenant compte des distributions, des appels de fonds ou de l\u2019\u00e9volution des performances d\u2019exploitation. Les structures de paiement diff\u00e9r\u00e9 peuvent compliquer davantage le prix apparent, car une partie de la contrepartie peut \u00eatre vers\u00e9e ult\u00e9rieurement.<\/span><\/p><p class=\"isSelectedEnd\"><span>Pour les vendeurs, la comparaison pertinente ne se limite pas \u00e0 la valeur liquidative (VL) communiqu\u00e9e. Ils doivent \u00e9valuer l'int\u00e9r\u00eat de percevoir des liquidit\u00e9s aujourd'hui par rapport \u00e0 la possibilit\u00e9 de distributions plus \u00e9lev\u00e9es \u00e0 l'avenir. Une d\u00e9cote peut \u00eatre acceptable lorsque le produit de la vente peut \u00eatre r\u00e9investi dans une strat\u00e9gie plus attractive ou utilis\u00e9 pour r\u00e9pondre \u00e0 un besoin urgent de liquidit\u00e9s.<\/span><\/p><h2><span>Les op\u00e9rations men\u00e9es par des fonds de capital-investissement modifient le processus de sortie traditionnel<\/span><\/h2><p class=\"isSelectedEnd\"><span>La croissance rapide des op\u00e9rations men\u00e9es \u00e0 l'initiative du commandit\u00e9 constitue le changement structurel le plus important sur le march\u00e9 secondaire. Dans ce type d'op\u00e9rations, c'est le commandit\u00e9 qui prend l'initiative de la transaction, plut\u00f4t que d'attendre qu'un commanditaire d\u00e9cide de vendre. La structure la plus courante est celle d'un fonds de continuation qui acquiert un ou plusieurs actifs aupr\u00e8s d'un fonds existant.<\/span><\/p><p class=\"isSelectedEnd\"><span>Le raisonnement est compr\u00e9hensible. Un gestionnaire peut \u00eatre \u00e0 la t\u00eate d\u2019une entreprise solide qui n\u2019a pas encore men\u00e9 \u00e0 bien son plan de croissance, r\u00e9alis\u00e9 une acquisition majeure ou atteint le moment optimal pour sa cession. Le fonds d\u2019origine peut arriver en fin de vie, tandis que certains investisseurs souhaitent disposer de liquidit\u00e9s. Un v\u00e9hicule de continuation peut fournir des liquidit\u00e9s \u00e0 ces investisseurs et permettre aux autres de conserver leur exposition.<\/span><\/p><p class=\"isSelectedEnd\"><span>Ces op\u00e9rations peuvent permettre d'aligner les int\u00e9r\u00eats lorsqu'elles sont structur\u00e9es avec soin. Les investisseurs existants b\u00e9n\u00e9ficient d'une option de sortie, les investisseurs qui renouvellent leur engagement conservent leur participation et le gestionnaire dispose de plus de temps et de capitaux pour d\u00e9velopper l'activit\u00e9. Les nouveaux acqu\u00e9reurs sur le march\u00e9 secondaire ont ainsi acc\u00e8s \u00e0 un actif qu'ils ont pu examiner en d\u00e9tail.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette structure est \u00e9galement source de conflits. Il arrive souvent que le m\u00eame associ\u00e9 commandit\u00e9 repr\u00e9sente le fonds vendeur, g\u00e8re le v\u00e9hicule d'acquisition et continue de superviser l'actif. Il exerce ainsi une influence sur l'\u00e9valuation, le d\u00e9roulement de la transaction et les modalit\u00e9s futures de r\u00e9mun\u00e9ration des deux parties \u00e0 l'op\u00e9ration.<\/span><\/p><p class=\"isSelectedEnd\"><span>Des conseils ind\u00e9pendants, un appel d'offres concurrentiel et une transparence totale sont essentiels. Les investisseurs doivent comprendre comment le prix a \u00e9t\u00e9 fix\u00e9, si le gestionnaire r\u00e9investit ses propres capitaux et comment les commissions de gestion et les participations aux b\u00e9n\u00e9fices seront recalcul\u00e9es. Un fonds de continuation peut cr\u00e9er une valeur l\u00e9gitime, mais il peut \u00e9galement permettre \u00e0 un gestionnaire de conserver des commissions, d\u2019\u00e9viter de comptabiliser une sortie peu avantageuse ou de transf\u00e9rer le risque \u00e0 un nouveau groupe d\u2019investisseurs.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les fonds de continuation \u00e0 actif unique amplifient ces pr\u00e9occupations, car leur performance d\u00e9pend fortement d'une seule entreprise. Les acheteurs peuvent disposer d'informations d\u00e9taill\u00e9es, mais ils sont \u00e9galement confront\u00e9s \u00e0 une diversification moindre et \u00e0 une exposition accrue aux fluctuations du secteur d'activit\u00e9, de la situation financi\u00e8re ou de la direction de l'entreprise.<\/span><\/p><h2><span>Les v\u00e9hicules de relais ne constituent pas des issues de secours classiques<\/span><\/h2><p class=\"isSelectedEnd\"><span>La performance des fonds de capital-investissement est traditionnellement valid\u00e9e lorsqu'une entreprise est c\u00e9d\u00e9e \u00e0 un acqu\u00e9reur strat\u00e9gique, \u00e0 un autre investisseur financier ou sur le march\u00e9 boursier. Une op\u00e9ration de continuation se distingue en ce sens que l'actif reste sous le contr\u00f4le du m\u00eame gestionnaire, m\u00eame si certains investisseurs b\u00e9n\u00e9ficient d'une sortie de capital.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette op\u00e9ration peut g\u00e9n\u00e9rer une plus-value r\u00e9alis\u00e9e pour le fonds d'origine, mais elle ne constitue pas un test de march\u00e9 ind\u00e9pendant au m\u00eame titre qu'une vente \u00e0 un acqu\u00e9reur tiers ayant l'intention de prendre le contr\u00f4le de la soci\u00e9t\u00e9. Les investisseurs secondaires acqui\u00e8rent cet actif en se fondant en partie sur la conviction persistante du gestionnaire et sur la structure de l'op\u00e9ration.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cela ne rend pas pour autant l'op\u00e9ration artificielle. Les nouveaux investisseurs engagent des capitaux r\u00e9els et ont tout int\u00e9r\u00eat \u00e0 n\u00e9gocier un prix appropri\u00e9. La soci\u00e9t\u00e9 de continuation peut \u00e9galement mettre en place une gouvernance plus solide, apporter de nouveaux financements ou des ressources op\u00e9rationnelles suppl\u00e9mentaires.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les investisseurs doivent n\u00e9anmoins faire la distinction entre liquidit\u00e9 et cession d\u00e9finitive. Une op\u00e9ration men\u00e9e par un gestionnaire g\u00e9n\u00e9ral g\u00e9n\u00e8re des liquidit\u00e9s pour certains participants, mais la soci\u00e9t\u00e9 sous-jacente devra tout de m\u00eame \u00eatre c\u00e9d\u00e9e \u00e0 terme. Si les fonds de continuation viennent r\u00e9guli\u00e8rement se substituer aux sorties externes, le secteur risque de retarder, plut\u00f4t que de r\u00e9soudre, son probl\u00e8me d'\u00e9valuation.<\/span><\/p><h2><span>Les acheteurs assument des risques diff\u00e9rents de ceux des investisseurs initiaux<\/span><\/h2><p class=\"isSelectedEnd\"><span>Les acqu\u00e9reurs sur le march\u00e9 secondaire disposent souvent de plus d'informations que les investisseurs qui s'engagent dans un nouveau fonds, car ils peuvent analyser un portefeuille existant. Ils peuvent examiner les performances des entreprises, l'historique des valorisations, les documents relatifs au fonds et les besoins en capitaux restants. Ils peuvent \u00e9galement tirer avantage d'une acquisition d'actifs plus proche de la date de sortie, ce qui r\u00e9duit la dur\u00e9e de l'investissement.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette visibilit\u00e9 ne signifie pas pour autant que les placements secondaires pr\u00e9sentent peu de risques. Les acheteurs peuvent se fier aux \u00e9valuations fournies par le gestionnaire, alors que les actifs les plus performants ont peut-\u00eatre d\u00e9j\u00e0 \u00e9t\u00e9 vendus. Les portefeuilles restants peuvent contenir des soci\u00e9t\u00e9s n\u00e9cessitant des p\u00e9riodes de d\u00e9tention plus longues ou des financements suppl\u00e9mentaires.<\/span><\/p><p class=\"isSelectedEnd\"><span>Un achat sur le march\u00e9 secondaire peut \u00e9galement se traduire par un rendement d\u00e9clar\u00e9 plus rapide, car l'acheteur acquiert sa participation alors qu'une partie de la dur\u00e9e de vie du fonds s'est d\u00e9j\u00e0 \u00e9coul\u00e9e. Cet effet, parfois qualifi\u00e9 de \u00ab courbe en J raccourcie \u00bb, s\u00e9duit les investisseurs qui souhaitent percevoir des distributions plus t\u00f4t. Il ne faut toutefois pas le confondre avec une diminution du risque \u00e9conomique.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les acheteurs doivent tenir compte de plusieurs facteurs :<\/span><\/p><ul data-spread=\"true\"><li><strong><span>Qualit\u00e9 des actifs :<\/span><\/strong><span> Les soci\u00e9t\u00e9s sous-jacentes doivent \u00eatre \u00e9valu\u00e9es individuellement plut\u00f4t qu\u2019\u00e0 l\u2019aune de la performance moyenne du fonds.<\/span><\/li><li><strong><span>Engagements non financ\u00e9s :<\/span><\/strong><span> Le prix d'achat ne repr\u00e9sente qu'une partie du capital n\u00e9cessaire, car les acheteurs peuvent contracter des engagements futurs.<\/span><\/li><li><strong><span>Alignement des responsables :<\/span><\/strong><span> Les acheteurs doivent v\u00e9rifier si le commandit\u00e9 apporte des capitaux et comment ses motivations \u00e9voluent apr\u00e8s l'op\u00e9ration.<\/span><\/li><li><strong><span>Exit assumptions:<\/span><\/strong><span> Returns can depend heavily on the timing and valuation of future sales.<\/span><\/li><li><strong><span>Concentration:<\/span><\/strong><span> Single-manager or single-asset deals may produce higher returns but expose investors to larger individual losses.<\/span><\/li><li><strong><span>Currency and financing:<\/span><\/strong><span> Cross-border portfolios and leveraged purchases introduce risks beyond the operating performance of the companies.<\/span><\/li><\/ul><p class=\"isSelectedEnd\"><span>The secondary label therefore describes the transaction route, not a uniform investment strategy. A diversified portfolio of mature fund interests has a different risk profile from a leveraged continuation fund containing one company.<\/span><\/p><h2><span>Technology improves execution but does not create liquidity<\/span><\/h2><p class=\"isSelectedEnd\"><span>Digital platforms have attempted to make private-market trading more accessible by standardising information, connecting buyers and sellers and managing parts of the transaction process. Palico, Nasdaq Private Market and other providers have developed infrastructure for transferring private-fund or private-company interests.<\/span><\/p><p class=\"isSelectedEnd\"><span>Technology can reduce administrative friction, particularly for smaller transactions. It can help organise documents, confirm investor eligibility and provide a structured environment for bids. Better data may also allow buyers to compare portfolios more efficiently.<\/span><\/p><p class=\"isSelectedEnd\"><span>The difficult parts of a secondary transaction remain analytical and legal. Buyers need confidential information about underlying assets, while transfers may require manager consent and compliance with fund agreements. Tax treatment can differ across investors and jurisdictions.<\/span><\/p><p class=\"isSelectedEnd\"><span>A platform cannot guarantee that a seller will find a buyer at an acceptable price. Liquidity ultimately depends on demand, available capital and confidence in the assets. Technology may accelerate a functioning transaction, but it cannot create an efficient market for every private-equity interest.<\/span><\/p><h2><span>More capital can narrow discounts and weaken discipline<\/span><\/h2><p class=\"isSelectedEnd\"><span>The expansion of secondary fundraising has increased competition for assets. Bain reported that secondaries funds raised $102bn in 2024, taking total assets under management in the strategy to approximately $601bn. The growth of dedicated capital allows the market to absorb larger transactions and provides sellers with more credible bidders.<\/span><\/p><p class=\"isSelectedEnd\"><span>Competition can benefit sellers by improving prices. It can also reduce the return available to buyers, particularly when high-quality portfolios attract several well-capitalised funds. As discounts narrow, future performance depends more heavily on company growth and successful exits.<\/span><\/p><p class=\"isSelectedEnd\"><span>New entrants may also accept structures or valuations that established specialists consider unattractive. Wealth-management products and semi-liquid funds are beginning to provide individual investors with access to private-market secondaries, increasing the capital available to the sector.<\/span><\/p><p class=\"isSelectedEnd\"><span>This development requires caution. Retail and private-wealth vehicles may promise periodic liquidity while investing in assets that remain difficult to sell. The mismatch can become problematic when many investors request redemptions at the same time. Managers need sufficient cash, credit facilities or redemption controls to avoid selling assets under pressure.<\/span><\/p><h2><span>Secondaries improve flexibility without solving the exit problem<\/span><\/h2><p class=\"isSelectedEnd\"><span>The secondary market is sometimes presented as the answer to private equity\u2019s liquidity shortage. It is more accurate to describe it as one mechanism for redistributing that shortage. When an LP sells a fund interest, liquidity moves from the buyer to the seller, but the underlying companies remain private. When a continuation fund acquires an asset, some investors receive cash while new investors assume the exposure.<\/span><\/p><p class=\"isSelectedEnd\"><span>This transfer can be economically useful. Investors with different time horizons and liquidity needs should be able to trade with one another. A pension fund seeking to reduce exposure may find a willing buyer with longer-dated capital and greater tolerance for illiquidity.<\/span><\/p><p class=\"isSelectedEnd\"><span>The system still requires final exits. Secondary buyers expect portfolio companies eventually to be sold or generate cash. If public offerings and corporate acquisitions remain weak for an extended period, the same assets can move between private vehicles without producing sufficient distributions across the system.<\/span><\/p><p class=\"isSelectedEnd\"><span>The market\u2019s growth should therefore be interpreted as both a sign of maturation and evidence of stress. It shows that private equity has developed more sophisticated liquidity tools, but also that conventional exits have not kept pace with the capital invested in the asset class.<\/span><\/p><h2><span>Practical considerations for investors<\/span><\/h2><p class=\"isSelectedEnd\"><span>Limited partners considering a sale should begin with the purpose of the transaction. Selling to meet a short-term cash need differs from reducing exposure to a manager or restructuring an entire private-markets portfolio. The objective determines which assets should be offered and which price concessions may be acceptable.<\/span><\/p><p class=\"isSelectedEnd\"><span>A broad portfolio sale can generate substantial liquidity but may require the seller to include attractive holdings alongside weaker ones. A more selective process can preserve the best assets but may attract less buyer interest. Investors should also assess whether unfunded commitments, tax effects or internal allocation rules change the economic benefit of a transaction.<\/span><\/p><p class=\"isSelectedEnd\"><span>Buyers need to look beyond diversification and apparent discounts. They should understand the age of the funds, the quality of remaining assets and the assumptions required to achieve the projected return. In GP-led transactions, governance and process integrity are as important as the companies themselves.<\/span><\/p><p class=\"isSelectedEnd\"><span>General partners should treat continuation funds as a genuine transaction involving investors with different interests. They need to provide adequate time, information and alternatives to existing LPs. A process that pressures investors to make a rapid election can damage trust even if the underlying asset is strong.<\/span><\/p><p class=\"isSelectedEnd\"><span>Family offices and wealth managers should also consider whether they possess the resources to evaluate secondary deals directly. Fund interests and continuation vehicles require access to confidential data, legal analysis and private-company valuation skills. Investing through an experienced specialist may be more appropriate than selecting individual transactions without a dedicated team.<\/span><\/p><h2><span>A larger market will bring more scrutiny<\/span><\/h2><p class=\"isSelectedEnd\"><span>The secondary market is likely to remain an important source of liquidity over the next three to five years. Deal volume may fluctuate from the record level reached in 2025, but the underlying drivers are structural: private-equity assets under management have expanded, holding periods remain long and investors want more control over cash flows.<\/span><\/p><p class=\"isSelectedEnd\"><span>LP-led transactions are likely to become an ordinary part of institutional portfolio management. Large investors will continue using the market to adjust manager exposure, vintage concentration and unfunded commitments. The stigma associated with selling should decline further as more well-capitalised institutions appear on both sides of transactions.<\/span><\/p><p class=\"isSelectedEnd\"><span>GP-led deals will probably attract greater regulatory and investor scrutiny because of their inherent conflicts. The market will need stronger standards around valuation, disclosure, adviser independence and the time provided to investors. Managers that run transparent processes may establish continuation vehicles as a durable exit route, while weak processes could provoke resistance from limited partners.<\/span><\/p><p class=\"isSelectedEnd\"><span>The range of assets traded is also expanding. Private-credit, infrastructure, real-estate and venture-capital interests are becoming more visible within secondary portfolios. Each market has different cash-flow patterns and valuation challenges, requiring buyers to develop more specialised expertise.<\/span><\/p><p class=\"isSelectedEnd\"><span>Transaction volumes above $200bn no longer appear exceptional, but continued growth should not be assumed automatically. Pricing discipline, fundraising conditions and the eventual recovery of conventional exits will influence how much capital moves through the market. A strong IPO and mergers-and-acquisitions cycle could reduce the urgency of some secondary sales while also validating valuations and encouraging buyers to transact.<\/span><\/p><h2><span>A liquidity mechanism becomes a permanent market<\/span><\/h2><p class=\"isSelectedEnd\"><span>Private-equity secondaries have become essential because the asset class has outgrown a model in which every investor can wait patiently for each fund to complete its life. The record activity of 2025 reflects demand from institutions seeking cash, managers extending ownership of selected companies and buyers attracted by seasoned portfolios.<\/span><\/p><p class=\"isSelectedEnd\"><span>The market provides real benefits. It allows CalPERS and other institutions to reshape portfolios, gives LPs alternatives to waiting for distributions and creates another route for managers whose assets are not ready for sale. It also improves price discovery in a market where reported valuations are not continuously tested.<\/span><\/p><p class=\"isSelectedEnd\"><span>These advantages should not be mistaken for effortless liquidity. Every transaction transfers risk to another investor, and continuation vehicles may postpone the final test of whether an asset can be sold at the expected value. As the market expands, returns will depend increasingly on disciplined underwriting rather than on buying private-equity interests at large, automatic discounts.<\/span><\/p><p><span>Secondaries are no longer a marginal response to distress. They have become a permanent part of private-market portfolio management. Their long-term credibility will depend on whether they provide transparent and fairly priced liquidity, rather than simply extending the time before difficult valuations must be confronted.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Les march\u00e9s secondaires du capital-investissement sont en plein essor, offrant une liquidit\u00e9 accrue et de nouvelles opportunit\u00e9s aux investisseurs. Cet article se penche sur les facteurs \u00e0 l'origine de cette croissance et sur ses implications pour le secteur financier.<\/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-723","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":"Secondary markets in private equity are on the rise, providing enhanced liquidity and new opportunities for investors. This article delves into the factors driving this growth and its implications for the financial sector.","magazineBlocksPostCategories":["Private Market Liquidity"],"magazineBlocksPostViewCount":121,"magazineBlocksPostReadTime":18,"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=\"#\" class=\"category-link category-link-26\">Private Market Liquidity<\/a>","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Rise of Secondary Markets in Private Equity<\/title>\n<meta name=\"description\" content=\"Secondary markets in private equity are on the rise, providing enhanced liquidity and new opportunities for investors. 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