{"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":"rozwoj-rynkow-wtornych-w-branzy-private-equity","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/pl\/private-capital\/private-market-liquidity\/the-rise-of-secondary-markets-in-private-equity\/","title":{"rendered":"Fundusze private equity tworz\u0105 w\u0142asny rynek wyj\u015bcia"},"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>Zdj\u0119cie autorstwa Syahril Zulkefli (@syahzul) na Unsplash<\/em><\/figcaption><\/figure>\n\n\n<p><style>body.single-post .cm-featured-image { display: none !important; }<\/style><br \/>Bran\u017ca private equity boryka si\u0119 z problemem p\u0142ynno\u015bci. Fundusze utrzymuj\u0105 aktywa przez d\u0142u\u017cszy czas, wyp\u0142aty \u015brodk\u00f3w uleg\u0142y spowolnieniu, a inwestorzy nadal potrzebuj\u0105 got\u00f3wki, aby wywi\u0105za\u0107 si\u0119 z nowych zobowi\u0105za\u0144 lub zr\u00f3wnowa\u017cy\u0107 portfele. Rynki wt\u00f3rne sta\u0142y si\u0119 jednym z g\u0142\u00f3wnych sposob\u00f3w, w jaki bran\u017ca radzi sobie z t\u0105 sytuacj\u0105.<\/p>\n<p dir=\"auto\" data-start=\"267\" data-end=\"613\">Skala rynku uleg\u0142a gwa\u0142townej zmianie. Wed\u0142ug szacunk\u00f3w Jefferies globalny wolumen transakcji na rynku wt\u00f3rnym osi\u0105gn\u0105\u0142 w 2025 r. rekordowy poziom $240 miliard\u00f3w, co stanowi wzrost o 48 procent w por\u00f3wnaniu z rokiem 2024. Transakcje prowadzone przez LP wynios\u0142y $125 mld, natomiast transakcje prowadzone przez GP osi\u0105gn\u0119\u0142y poziom $115 mld. Pi\u0119\u0107 lat wcze\u015bniej warto\u015b\u0107 transakcji na rynku wt\u00f3rnym prowadzonych przez GP wynosi\u0142a oko\u0142o $35 mld.<\/p>\n<p dir=\"auto\" data-start=\"615\" data-end=\"940\">Transakcje z udzia\u0142em inwestor\u00f3w ograniczonych (LP) stanowi\u0105 bardziej znan\u0105 cz\u0119\u015b\u0107 rynku. Inwestor sprzedaje istniej\u0105cy udzia\u0142 w funduszu innemu nabywcy, zamiast czeka\u0107 na likwidacj\u0119 funduszu. Daje to funduszom emerytalnym, funduszom powierniczym, firmom rodzinnym i innym inwestorom ograniczonym mo\u017cliwo\u015b\u0107 pozyskania \u015brodk\u00f3w pieni\u0119\u017cnych, zmniejszenia zaanga\u017cowania wobec danego zarz\u0105dzaj\u0105cego lub rocznika funduszu lub zwolnienia miejsca na nowe zobowi\u0105zania.<\/p>\n<p dir=\"auto\" data-start=\"942\" data-end=\"1342\">Ceny informuj\u0105 inwestor\u00f3w, ile kosztuje ta p\u0142ynno\u015b\u0107. Jefferies szacuje, \u017ce w 2025 r. \u015brednia cena portfeli LP wyniesie 87 procent warto\u015bci aktyw\u00f3w netto (NAV). Portfele typu buyout osi\u0105ga\u0142y \u015brednio 92 procent NAV, podczas gdy udzia\u0142y w funduszach venture capital i funduszach wzrostowych by\u0142y wyceniane na poziomie bli\u017cszym 78 procent. Starsze fundusze by\u0142y zazwyczaj sprzedawane z wi\u0119kszymi dyskontami: portfele starsze ni\u017c dziesi\u0119\u0107 lat osi\u0105ga\u0142y \u015brednio 73% warto\u015bci aktyw\u00f3w netto.<\/p>\n<p dir=\"auto\" data-start=\"1344\" data-end=\"1637\">Bardziej znacz\u0105ca zmiana strukturalna zachodzi po stronie GP. Zarz\u0105dzaj\u0105cy coraz cz\u0119\u015bciej korzystaj\u0105 z instrument\u00f3w kontynuacyjnych, aby zachowa\u0107 aktywa, kt\u00f3rych nie chc\u0105 od razu sprzedawa\u0107. Obecnym inwestorom oferuje si\u0119 wyb\u00f3r: uzyska\u0107 p\u0142ynno\u015b\u0107 lub przenie\u015b\u0107 sw\u00f3j udzia\u0142 do nowego instrumentu, kt\u00f3ry b\u0119dzie utrzymywa\u0142 udzia\u0142y w sp\u00f3\u0142ce przez d\u0142u\u017cszy czas.<\/p>\n<p dir=\"auto\" data-start=\"1639\" data-end=\"2038\">Warto\u015b\u0107 transakcji prowadzonych przez GP osi\u0105gn\u0119\u0142a w 2025 r. poziom $115 mld, co stanowi wzrost o 53 procent w uj\u0119ciu rok do roku, a wi\u0119kszo\u015b\u0107 tej aktywno\u015bci stanowi\u0142y fundusze kontynuacyjne. Wed\u0142ug szacunk\u00f3w Jefferies stanowi\u0105 one ju\u017c oko\u0142o 14 procent warto\u015bci transakcji wyj\u015bcia wspieranych przez sponsor\u00f3w. Evercore oddzielnie poda\u0142, \u017ce w 2025 r. warto\u015b\u0107 transakcji prowadzonych przez GP wynios\u0142a $106 mld, przy czym instrumenty kontynuacyjne oparte na pojedynczym aktywu stanowi\u0142y $52 mld.<\/p>\n<p dir=\"auto\" data-start=\"2040\" data-end=\"2377\">To zmienia znaczenie poj\u0119cia \u201cwyj\u015bcia\u201d w bran\u017cy private equity. Zarz\u0105dzaj\u0105cy nie musi ju\u017c wybiera\u0107 wy\u0142\u0105cznie mi\u0119dzy sprzeda\u017c\u0105 sp\u00f3\u0142ki, wprowadzeniem jej na gie\u0142d\u0119 a utrzymaniem jej w ramach pierwotnego funduszu. Instrument kontynuacyjny stwarza kolejn\u0105 \u015bcie\u017ck\u0119: umo\u017cliwia zwrot kapita\u0142u inwestorom, kt\u00f3rzy chc\u0105 si\u0119 wycofa\u0107, przy jednoczesnym zachowaniu w\u0142asno\u015bci aktyw\u00f3w, co do kt\u00f3rych zarz\u0105dzaj\u0105cy nadal wierzy, \u017ce maj\u0105 potencja\u0142 wzrostu.<\/p>\n<p dir=\"auto\" data-start=\"2379\" data-end=\"2749\">Taka struktura rodzi r\u00f3wnie\u017c konflikty, kt\u00f3re inwestorzy powinni dok\u0142adnie przeanalizowa\u0107. Ten sam partner zarz\u0105dzaj\u0105cy (GP) mo\u017ce faktycznie wyst\u0119powa\u0107 po obu stronach transakcji \u2013 organizuj\u0105c sprzeda\u017c aktyw\u00f3w z poprzedniego funduszu i jednocze\u015bnie nadal zarz\u0105dzaj\u0105c nimi w ramach nowego funduszu. Wycena, op\u0142aty transakcyjne, zmiany stawek carry oraz jako\u015b\u0107 procesu ustalania ceny maj\u0105 zatem r\u00f3wnie du\u017ce znaczenie, co sama sp\u00f3\u0142ka b\u0119d\u0105ca przedmiotem inwestycji.<\/p>\n<p dir=\"auto\" data-start=\"2751\" data-end=\"3160\">Nabywcy wt\u00f3rni zajmuj\u0105 przeciwne stanowisko, poniewa\u017c mog\u0105 nabywa\u0107 aktywa na p\u00f3\u017aniejszym etapie ich cyklu \u017cycia, cz\u0119sto dysponuj\u0105c wi\u0119ksz\u0105 ilo\u015bci\u0105 informacji ni\u017c ta, kt\u00f3ra by\u0142a dost\u0119pna w momencie dokonania inwestycji przez pierwotny fundusz. Portfel mo\u017ce ju\u017c zawiera\u0107 dojrza\u0142e przedsi\u0119biorstwa, bardziej przejrzyste \u015bcie\u017cki wyj\u015bcia oraz kr\u00f3tsze pozosta\u0142e okresy utrzymywania aktyw\u00f3w. Dyskonto w stosunku do warto\u015bci aktyw\u00f3w netto (NAV) mo\u017ce dodatkowo poprawi\u0107 op\u0142acalno\u015b\u0107 inwestycji, cho\u0107 nie eliminuje to podstawowego ryzyka biznesowego ani ryzyka zwi\u0105zanego z wycen\u0105.<\/p>\n<p dir=\"auto\" data-start=\"3162\" data-end=\"3505\">Kapita\u0142 pod\u0105\u017cy\u0142 za t\u0105 szans\u0105. Wed\u0142ug szacunk\u00f3w Jefferies kapita\u0142 przeznaczony na transakcje wt\u00f3rne osi\u0105gn\u0105\u0142 w 2025 r. poziom $327 mld, a po uwzgl\u0119dnieniu tradycyjnego kapita\u0142u inwestor\u00f3w ograniczonej odpowiedzialno\u015bci (LP) oraz dost\u0119pnej d\u017awigni finansowej \u2013 oko\u0142o $477 mld. Trzy z dziesi\u0119ciu najwi\u0119kszych funduszy private equity, kt\u00f3re zamkn\u0119\u0142y si\u0119 w ci\u0105gu roku, by\u0142y funduszami skupiaj\u0105cymi si\u0119 na transakcjach wt\u00f3rnych.<\/p>\n<p dir=\"auto\" data-start=\"3507\" data-end=\"3782\">Rynek rozszerza si\u0119 r\u00f3wnie\u017c poza fundusze przej\u0119\u0107. Warto\u015b\u0107 transakcji na rynku wt\u00f3rnym kredyt\u00f3w prywatnych osi\u0105gn\u0119\u0142a w 2025 r. poziom oko\u0142o $20 miliard\u00f3w, co stanowi niemal dwukrotny wzrost w por\u00f3wnaniu z rokiem poprzednim, podczas gdy rynek wt\u00f3rny inwestycji infrastrukturalnych i innych aktyw\u00f3w rzeczowych rozwija si\u0119 wraz z dojrzewaniem tych rynk\u00f3w.<\/p>\n<p dir=\"auto\" data-start=\"3784\" data-end=\"4030\">Z punktu widzenia inwestor\u00f3w istotne jest nie tylko to, \u017ce fundusze private equity sta\u0142y si\u0119 bardziej p\u0142ynne. Sta\u0142y si\u0119 one r\u00f3wnie\u017c bardziej elastyczne pod wzgl\u0119dem negocjacji. Udzia\u0142y w funduszach, dojrza\u0142e portfele i poszczeg\u00f3lne sp\u00f3\u0142ki maj\u0105 obecnie wi\u0119cej mo\u017cliwo\u015bci znalezienia nowego w\u0142a\u015bciciela ni\u017c dziesi\u0119\u0107 lat temu.<\/p>\n<p dir=\"auto\" data-start=\"4032\" data-end=\"4365\">Ta elastyczno\u015b\u0107 ma jednak swoj\u0105 cen\u0119. Sprzedaj\u0105cy mog\u0105 zgodzi\u0107 si\u0119 na obni\u017ck\u0119 ceny, nabywcy musz\u0105 oceni\u0107, czy podawane warto\u015bci aktyw\u00f3w netto (NAV) s\u0105 realistyczne, a fundusze kontynuacyjne wymagaj\u0105 dok\u0142adnej analizy konflikt\u00f3w interes\u00f3w i mechanizm\u00f3w motywacyjnych. Jednak dawne za\u0142o\u017cenie, \u017ce kapita\u0142 private equity pozostaje zamro\u017cony do momentu, gdy zarz\u0105dzaj\u0105cy zdecyduje si\u0119 na wyj\u015bcie z inwestycji, staje si\u0119 coraz mniej trafne.<\/p>\n<p dir=\"auto\" data-start=\"4367\" data-end=\"4650\" data-is-last-node=\"\" data-is-only-node=\"\">Rynki wt\u00f3rne nie s\u0105 ju\u017c nisz\u0105, z kt\u00f3rej korzystaj\u0105 g\u0142\u00f3wnie inwestorzy znajduj\u0105cy si\u0119 pod presj\u0105. Staj\u0105 si\u0119 one cz\u0119\u015bci\u0105 mechanizmu funkcjonowania funduszy private equity: rynkiem s\u0142u\u017c\u0105cym uwolnieniu kapita\u0142u, rozszerzeniu grona w\u0142a\u015bcicieli oraz wycenie aktyw\u00f3w, zanim pierwotny fundusz osi\u0105gnie koniec okresu dzia\u0142alno\u015bci.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Rynek wt\u00f3rny daje inwestorom private equity mo\u017cliwo\u015b\u0107 sprzeda\u017cy udzia\u0142\u00f3w, zr\u00f3wnowa\u017cenia portfela i uwolnienia kapita\u0142u bez konieczno\u015bci oczekiwania na zako\u0144czenie okresu trwania funduszu bazowego.<\/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":9602,"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\/pl\/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\/pl\/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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