{"id":724,"date":"2026-06-17T07:43:19","date_gmt":"2026-06-17T07:43:19","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-rise-of-secondary-markets-in-private-equity-3\/"},"modified":"2026-06-17T07:43:19","modified_gmt":"2026-06-17T07:43:19","slug":"the-rise-of-secondary-markets-in-private-equity-3","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/zh\/private-capital\/secondary-markets\/the-rise-of-secondary-markets-in-private-equity-3\/","title":{"rendered":"\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5d1b\u8d77"},"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>\u7167\u7247\u7531 Syahril Zulkefli (@syahzul) \u5728 Unsplash \u4e0a\u62cd\u6444<\/em><\/figcaption>\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p class=\"isSelectedEnd\"><span>Private equity\u2019s secondary market has moved from the margins of institutional investing to the centre of the industry\u2019s liquidity debate. Lazard estimated that transactions reached a record $233bn in 2025, an increase of 53 per cent from the previous year, with activity divided almost evenly between sales initiated by investors and deals led by fund managers. The growth reflects the increasing scale of private markets, but it also reveals a structural problem: many investors are waiting longer than expected to receive cash from funds whose underlying companies have not been sold.<\/span><\/p><p class=\"isSelectedEnd\"><span>Secondary markets allow existing interests in private-equity funds or individual portfolio companies to change hands before the original investment reaches its planned conclusion. A pension fund can sell a group of fund stakes to release capital, while a private-equity manager can transfer a company into a continuation vehicle and offer existing investors a choice between taking cash and remaining invested. These mechanisms provide genuine flexibility, although they do not turn private equity into a continuously traded or reliably liquid asset class.<\/span><\/p><p class=\"isSelectedEnd\"><span>The distinction is important. Every secondary transaction gives one investor liquidity by transferring the remaining risk to another. The underlying companies usually remain privately owned, valuations are still negotiated rather than established on an exchange, and the eventual investment return still depends on a conventional sale, public listing or sustainable stream of cash distributions.<\/span><\/p><h2><span>A market created by private equity\u2019s long time horizon<\/span><\/h2><p class=\"isSelectedEnd\"><span>Traditional private-equity funds are generally structured to operate for ten years or longer. Investors commit capital at the beginning, managers draw it over several years and portfolio companies are eventually sold, allowing proceeds to be distributed to the limited partners. The arrangement gives managers time to improve businesses without facing daily withdrawals, but it leaves investors with little control over when their money will be returned.<\/span><\/p><p class=\"isSelectedEnd\"><span>The secondary market developed as a response to this constraint. An investor that no longer wishes to wait for a fund to mature can sell its interest to another buyer, which assumes both the remaining economic exposure and any unfunded capital commitments. The buyer receives access to a portfolio whose assets are already known, often with more information than would have been available when the fund first raised money.<\/span><\/p><p class=\"isSelectedEnd\"><span>For much of the market\u2019s early history, secondary sales were associated with financial pressure. Banks, pension funds and other institutions sold because they urgently needed cash, had exceeded allocation limits or could no longer meet future commitments. Buyers consequently expected significant discounts to the values reported by fund managers.<\/span><\/p><p class=\"isSelectedEnd\"><span>The global financial crisis accelerated the market\u2019s development. Institutions that had considered themselves long-term investors discovered that balance-sheet pressure, regulatory requirements and unexpected cash needs could force them to dispose of illiquid assets. Specialist secondary managers expanded their teams and raised larger funds, helping to turn a market associated with distress into a recognised form of portfolio management.<\/span><\/p><p class=\"isSelectedEnd\"><span>Today, a secondary sale does not necessarily indicate that an investor considers the fund poor quality. It may reflect a decision to reduce exposure to a region, manager, strategy or vintage year. Some institutions sell mature funds to create room for new commitments, while others dispose of smaller positions that have become administratively inefficient to monitor.<\/span><\/p><h2><span>The shortage of distributions drives current demand<\/span><\/h2><p class=\"isSelectedEnd\"><span>The recent expansion of secondaries is closely connected to the slowdown in private-equity exits. Higher interest rates, uncertain valuations and weaker merger and acquisition activity have made it more difficult for managers to sell portfolio companies at prices they consider acceptable. Public listings have also remained an unreliable route for many businesses.<\/span><\/p><p class=\"isSelectedEnd\"><span>Longer holding periods reduce cash distributions to investors. This creates a circular problem because pension funds, endowments and other limited partners often use proceeds from older funds to finance commitments to new ones. When distributions decline while capital calls continue, even a well-funded institution can find itself holding more private-market exposure than its allocation policy permits.<\/span><\/p><p class=\"isSelectedEnd\"><span>Reported portfolio values may compound the problem. Public-equity holdings adjust immediately when market conditions change, while private assets are valued periodically using models and comparable transactions. A decline in listed markets can therefore increase the private-equity share of an institutional portfolio even if the private assets have not actually risen in value.<\/span><\/p><p class=\"isSelectedEnd\"><span>Secondary sales allow investors to release capital rather than waiting for managers to complete exits. They can dispose of older positions, reduce unfunded commitments and reshape a portfolio without demanding that every underlying company be sold. For an institution facing a liquidity or allocation constraint, accepting a discount may be economically preferable to holding the investment for several more years.<\/span><\/p><p class=\"isSelectedEnd\"><span>The market\u2019s growth is therefore both a sign of maturity and evidence of pressure. Private equity has developed more sophisticated mechanisms for managing cash flows, but those mechanisms are needed partly because the traditional route from acquisition to sale is taking longer.<\/span><\/p><h2><span>LP led deals become ordinary portfolio management<\/span><\/h2><p class=\"isSelectedEnd\"><span>LP-led transactions begin when a limited partner sells an existing interest in one or more private-equity funds. The purchaser acquires the seller\u2019s right to future distributions and assumes any remaining obligation to provide capital. Transactions range from a single fund interest to portfolios worth several billion dollars.<\/span><\/p><p class=\"isSelectedEnd\"><span>Institutional sellers have several possible motivations. A pension fund may reduce exposure to large buyout funds and redirect capital towards growth, venture or middle-market strategies. An insurer may respond to capital requirements, while an endowment may need liquidity to support its operating budget. A family office may sell older interests to simplify a portfolio assembled across several generations or investment teams.<\/span><\/p><p class=\"isSelectedEnd\"><span>CalPERS illustrates how secondaries can form part of an active institutional strategy. The California pension fund has used net secondary sales to address legacy holdings while directing proceeds towards secondary purchases and co-investments. It has also explored large portfolio sales as part of a wider effort to change the composition of its private-equity programme.<\/span><\/p><p class=\"isSelectedEnd\"><span>This is more nuanced than simply selling underperforming assets. A large secondary portfolio may include mature positions, unwanted manager relationships and attractive newer funds included to improve buyer demand. The seller obtains liquidity and strategic flexibility, while the buyer gains diversified exposure at a negotiated price.<\/span><\/p><p class=\"isSelectedEnd\"><span>An asset can also be suitable for one institution and unsuitable for another. A university endowment with spending obligations may value immediate cash more highly than a pension fund with a longer investment horizon. The transaction does not require either party to be wrong; it reflects different liabilities, portfolio constraints and expectations.<\/span><\/p><h2><span>GP led deals change the meaning of an exit<\/span><\/h2><p class=\"isSelectedEnd\"><span>The expansion of GP-led transactions has been the most consequential development in the secondary market. Instead of responding to a limited partner seeking to sell, the private-equity manager initiates a deal involving one or more companies held by an existing fund.<\/span><\/p><p class=\"isSelectedEnd\"><span>The most common structure is a continuation vehicle. The new vehicle purchases assets from the original fund, usually with capital provided by specialist secondary investors. Existing limited partners are offered the option to sell their interests for cash or reinvest in the continuation fund.<\/span><\/p><p class=\"isSelectedEnd\"><span>There can be a strong commercial rationale for such a transaction. A manager may own a successful company that needs additional time to expand internationally, integrate an acquisition or complete an operational programme. The original fund may be approaching the end of its life, while some investors need liquidity and others would prefer to retain exposure.<\/span><\/p><p class=\"isSelectedEnd\"><span>The continuation vehicle can accommodate these different interests. Selling investors receive cash, rolling investors remain invested and the manager gains more time and often additional capital. New investors acquire an asset they can examine more closely than a conventional blind-pool commitment.<\/span><\/p><p class=\"isSelectedEnd\"><span>The structure nevertheless contains an inherent conflict. The same manager is involved with the fund selling the asset, the vehicle buying it and the future management of the company. It may therefore influence the valuation, transaction timetable, information provided to investors and the fees charged after the transfer.<\/span><\/p><p class=\"isSelectedEnd\"><span>A well-run process requires independent advice, competitive price discovery and sufficient time for existing investors to evaluate their options. Limited partners should understand whether the manager is reinvesting meaningful capital, how carried interest will be treated and whether management fees are being reset.<\/span><\/p><p class=\"isSelectedEnd\"><span>Continuation funds can provide legitimate solutions to mismatched investment horizons. They can also postpone a difficult sale or allow a manager to preserve fee income. Investors must decide which explanation is better supported by the quality of the asset and the terms of the transaction.<\/span><\/p><h2><span>Liquidity does not eliminate valuation risk<\/span><\/h2><p class=\"isSelectedEnd\"><span>Secondary deals are often discussed through the discount or premium paid relative to reported net asset value. An investor purchasing a fund interest for 90 cents per dollar of NAV appears to receive a 10 per cent discount. The figure is easy to communicate, but it does not establish whether the asset is attractively priced.<\/span><\/p><p class=\"isSelectedEnd\"><span>Net asset value is an estimate produced by the fund manager. It may be based on comparable listed companies, recent transactions, discounted cash flows or a combination of methods. When markets change quickly, the reported value may be several months old and may not reflect current financing costs or buyer demand.<\/span><\/p><p class=\"isSelectedEnd\"><span>A small discount to a conservatively valued portfolio of strong companies may represent better value than a large discount to assets whose prospects have deteriorated. Buyers must analyse the underlying businesses, their debt, operating performance, capital needs and probable exit timing rather than relying on the headline percentage.<\/span><\/p><p class=\"isSelectedEnd\"><span>The reference date also affects the calculation. A sale negotiated using an earlier quarter\u2019s NAV may need to be adjusted for distributions, capital calls and changes in portfolio value. Deferred payments can make the stated price appear higher because the buyer does not provide all the cash immediately.<\/span><\/p><p class=\"isSelectedEnd\"><span>For sellers, the relevant comparison is between cash available today and uncertain distributions in the future. A discount may be justified if it allows the institution to meet liabilities, avoid future capital calls or reinvest in a strategy with stronger expected returns.<\/span><\/p><h2><span>Buyers gain information but accept new risks<\/span><\/h2><p class=\"isSelectedEnd\"><span>Secondary buyers often know more about the portfolio than investors making an original commitment. They can examine existing companies, historical performance, valuations and remaining capital requirements. This reduces blind-pool risk because the buyer is not relying entirely on the manager to find investments in the future.<\/span><\/p><p class=\"isSelectedEnd\"><span>Seasoned portfolios may also return capital sooner. Since part of the fund\u2019s life has already passed, the buyer may avoid the early period in which fees and investments produce negative cash flows before exits begin. This can shorten the traditional private-equity J-curve.<\/span><\/p><p class=\"isSelectedEnd\"><span>Greater visibility does not mean lower risk in every case. The best companies may already have been sold, leaving a portfolio of assets that need more time or capital. Reported valuations may be optimistic, and the future return may depend heavily on an eventual recovery in acquisition markets.<\/span><\/p><p class=\"isSelectedEnd\"><span>Buyers should examine several issues carefully:<\/span><\/p><ul data-spread=\"true\"><li><strong><span>The quality of the remaining assets.<\/span><\/strong><span> Fund-level performance can conceal substantial differences among individual companies.<\/span><\/li><li><strong><span>Unfunded commitments.<\/span><\/strong><span> The purchase price is not the full cost when the buyer must provide additional capital later.<\/span><\/li><li><strong><span>Exit assumptions.<\/span><\/strong><span> Attractive projected returns may depend on rapid sales or valuation multiples that cannot be achieved under current conditions.<\/span><\/li><li><strong><span>Manager incentives.<\/span><\/strong><span> In GP-led deals, the manager\u2019s investment and fee arrangements should demonstrate meaningful alignment.<\/span><\/li><li><strong><span>Portfolio concentration.<\/span><\/strong><span> A diversified package of fund interests carries different risks from a continuation vehicle holding one company.<\/span><\/li><li><strong><span>Financing arrangements.<\/span><\/strong><span> Deferred payments, leverage and currency exposure may increase returns while introducing additional volatility.<\/span><\/li><\/ul><p class=\"isSelectedEnd\"><span>The word secondary describes how the interest was acquired, not a consistent risk category. An older diversified buyout portfolio may behave very differently from a single-asset technology continuation fund.<\/span><\/p><h2><span>Technology reduces friction but cannot create buyers<\/span><\/h2><p class=\"isSelectedEnd\"><span>Digital platforms have sought to improve the secondary market by organising documentation, connecting counterparties and standardising transaction processes. Providers such as Palico and Nasdaq Private Market have developed systems for transferring interests in private funds and privately held companies.<\/span><\/p><p class=\"isSelectedEnd\"><span>These platforms can reduce administrative costs, particularly for smaller transactions that might otherwise be uneconomic for advisers to manage. They can support investor eligibility checks, document distribution, bids and settlement.<\/span><\/p><p class=\"isSelectedEnd\"><span>Technology does not remove the structural obstacles to private-market trading. Fund transfers may require the general partner\u2019s consent, while buyers need access to confidential information and legal documents. Tax treatment can differ according to the investor and jurisdiction, making transactions difficult to standardise completely.<\/span><\/p><p class=\"isSelectedEnd\"><span>Nor can a platform guarantee liquidity. A seller still needs a buyer willing to accept the asset at an agreed price. Digital infrastructure can make a transaction more efficient, but it cannot create demand for an unattractive fund or resolve uncertainty about underlying valuations.<\/span><\/p><h2><span>More capital changes the balance of the market<\/span><\/h2><p class=\"isSelectedEnd\"><span>The amount of capital raised for secondary strategies has increased substantially. Bain reported that secondary funds raised $102bn in 2024, taking assets under management in the strategy to about $601bn. Ardian\u2019s $30bn fund, announced in early 2025, was the largest dedicated secondary fund raised at that point.<\/span><\/p><p class=\"isSelectedEnd\"><span>Large funds allow managers to acquire portfolios that would previously have required several buyers. They also provide credibility to institutional sellers considering complex transactions involving multiple managers and asset classes.<\/span><\/p><p class=\"isSelectedEnd\"><span>More buyer capital can narrow discounts and improve terms for sellers. That is positive for institutions seeking liquidity, but it reduces the easy return historically available to secondary specialists that purchased assets cheaply from distressed owners.<\/span><\/p><p class=\"isSelectedEnd\"><span>As pricing becomes more competitive, buyers depend more heavily on company growth, accurate underwriting and successful exits. The strategy becomes less about acquiring broad portfolios at automatic discounts and more about selecting specific assets and structuring transactions carefully.<\/span><\/p><p class=\"isSelectedEnd\"><span>Private wealth is also providing more capital to secondary funds through evergreen and semi-liquid structures. These products can give individual investors access to seasoned private-market portfolios, but they introduce a potential mismatch when investors expect periodic redemptions from vehicles holding assets that cannot be sold quickly.<\/span><\/p><p class=\"isSelectedEnd\"><span>Managers must maintain adequate liquid reserves, borrowing facilities or redemption limits. A product that offers regular liquidity should not imply that the underlying private-equity interests have become liquid themselves.<\/span><\/p><h2><span>Secondaries transfer rather than create liquidity<\/span><\/h2><p class=\"isSelectedEnd\"><span>The secondary market is frequently described as a solution to private equity\u2019s liquidity problem. More precisely, it redistributes liquidity among investors with different needs and time horizons.<\/span><\/p><p class=\"isSelectedEnd\"><span>When an LP sells a fund interest, the buyer provides cash and assumes the remaining exposure. When a continuation fund acquires a company, some investors exit while new investors commit capital. The transaction changes who owns the risk, but it does not necessarily generate cash from the underlying business.<\/span><\/p><p class=\"isSelectedEnd\"><span>This transfer is economically useful. A pension fund facing allocation constraints should be able to sell to an investor with longer-dated capital. A family office seeking mature exposure may prefer buying a known portfolio to committing to a fund that has not yet selected its investments.<\/span><\/p><p class=\"isSelectedEnd\"><span>The system still depends on eventual realisations. Secondary buyers expect portfolio companies to be sold, listed or to generate distributable cash. If assets continue moving between private vehicles without reaching external buyers, the industry may delay rather than solve its valuation and distribution problems.<\/span><\/p><p class=\"isSelectedEnd\"><span>Continuation deals should therefore not always be treated as equivalent to conventional exits. They produce liquidity for some participants, but the ultimate value of the company still needs to be tested through a future sale or sustainable cash generation.<\/span><\/p><h2><span>What investors should examine<\/span><\/h2><p class=\"isSelectedEnd\"><span>Limited partners considering a secondary sale should first define the objective. A transaction designed to meet a temporary cash need requires a different approach from a programme intended to remove unwanted managers or restructure an entire private-market portfolio.<\/span><\/p><p class=\"isSelectedEnd\"><span>A large portfolio sale may create significant liquidity but require attractive holdings to be included alongside weaker positions. A selective sale can preserve stronger assets, although buyers may demand deeper discounts or decline to bid.<\/span><\/p><p class=\"isSelectedEnd\"><span>Sellers should assess the following:<\/span><\/p><ul data-spread=\"false\"><li><span>whether the expected discount is justified by the value of immediate liquidity;<\/span><\/li><li><span>which unfunded commitments will transfer to the buyer;<\/span><\/li><li><span>the tax consequences of the disposal;<\/span><\/li><li><span>how the sale will affect manager relationships;<\/span><\/li><li><span>whether the portfolio remains properly diversified afterwards.<\/span><\/li><\/ul><p class=\"isSelectedEnd\"><span>Buyers need to test the assumptions behind reported valuations and projected returns. In continuation transactions, they should also examine the fairness of the process and whether existing investors received a genuine choice.<\/span><\/p><p class=\"isSelectedEnd\"><span>Family offices without dedicated private-market teams may be better served by specialist secondary funds than by direct participation in individual deals. Evaluating fund interests requires access to confidential data, legal expertise and the ability to assess companies whose financial information is not publicly available.<\/span><\/p><p class=\"isSelectedEnd\"><span>General partners should recognise that process quality affects long-term investor trust. Existing LPs need adequate information and time to compare selling with rolling their interest. A transaction that appears designed primarily to preserve fees may damage fundraising relationships even when it complies with formal requirements.<\/span><\/p><h2><span>A permanent market faces greater scrutiny<\/span><\/h2><p class=\"isSelectedEnd\"><span>Secondaries are likely to remain an important part of private-equity infrastructure over the next three to five years. Record activity in 2025 demonstrated that annual transaction volumes above $200bn are possible, although future totals will depend on pricing, fundraising and the pace of conventional exits.<\/span><\/p><p class=\"isSelectedEnd\"><span>LP-led transactions should become an increasingly routine portfolio-management tool. The stigma once attached to secondary sales is fading as pension funds, sovereign investors, endowments and family offices appear regularly on both sides of deals.<\/span><\/p><p class=\"isSelectedEnd\"><span>GP-led transactions will face closer examination because their conflicts are more direct. Investors and regulators are likely to demand clearer valuation procedures, stronger disclosure and fairer election processes. Managers that meet these standards can establish continuation vehicles as a durable option, while poorly governed transactions may attract resistance.<\/span><\/p><p class=\"isSelectedEnd\"><span>The market is also expanding beyond traditional buyout funds. Private credit, infrastructure, real estate and venture-capital interests are becoming more common in secondary portfolios. Each asset class introduces different cash-flow, valuation and liquidity considerations.<\/span><\/p><p class=\"isSelectedEnd\"><span>A recovery in mergers, acquisitions and public listings would not necessarily weaken the market. Stronger exits could improve confidence in valuations and generate more investable cash, although they might reduce the urgency of some sales. Secondaries have become too integrated into portfolio management to disappear when conventional dealmaking improves.<\/span><\/p><h2><span>A mature market must still confront final value<\/span><\/h2><p class=\"isSelectedEnd\"><span>Private-equity secondaries now provide institutions with options that were largely unavailable two decades ago. They allow investors to change portfolio exposures, give fund managers an alternative when selected assets require more time and provide buyers with access to mature portfolios whose companies are already known.<\/span><\/p><p class=\"isSelectedEnd\"><span>Their growth does not mean that private equity has solved its liquidity problem. A secondary transaction gives one party an exit by bringing in another investor, while the underlying company often remains unsold. The final return still depends on operating performance and the price eventually paid by an external buyer.<\/span><\/p><p class=\"isSelectedEnd\"><span>The strongest secondary investments will therefore be those based on disciplined analysis rather than the assumption that every discounted private-equity interest represents an opportunity. As more capital competes for deals and continuation funds account for a larger share of activity, governance and asset selection will matter more.<\/span><\/p><p><span>Secondaries are no longer a niche for distressed sellers. They are a permanent part of private-market finance. Their credibility will depend on whether they provide transparent, fairly priced flexibility rather than simply extending the period before difficult valuations must be tested.<\/span><\/p><br>","protected":false},"excerpt":{"rendered":"<p>\u79c1\u52df\u80a1\u6743\u7684\u4e8c\u7ea7\u5e02\u573a\u6b63\u65e5\u76ca\u6d3b\u8dc3\uff0c\u4e3a\u5168\u7403\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u6d41\u52a8\u6027\u53ca\u65b0\u7684\u6295\u8d44\u6e20\u9053\u3002\u8fd9\u4e00\u8d8b\u52bf\u6b63\u5728\u6539\u53d8\u6295\u8d44\u7684\u7ba1\u7406\u548c\u4f30\u503c\u65b9\u5f0f\u3002.<\/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":[25],"tags":[],"class_list":["post-724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-secondary-markets"],"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":"\u5a01\u5ec9\u59c6","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Secondary markets in private equity are gaining traction, offering liquidity and new avenues for global investors. This trend is transforming how investments are managed and valued.","magazineBlocksPostCategories":["Secondary Markets"],"magazineBlocksPostViewCount":131,"magazineBlocksPostReadTime":16,"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\/zh\/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-25\">Secondary Markets<\/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 gaining traction, offering liquidity and new avenues for global investors. 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