Secondaries Investor’s Second Thoughts

Secondaries Investor’s Second Thoughts podcast focuses exclusively on private markets’ burgeoning secondaries market, which is offering liquidity to its underlying illiquid asset classes. Hear analysis from Secondaries Investor’s global team of journalists and interviews with the market’s most influential players and rising stars discussing the dynamics shaping this ever-evolving area. Visit secondariesinvestor.com for more.

Secondaries Investor’s Second Thoughts is a business podcast hosted by Unknown Host, with 47 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Unknown Host hosts Secondaries Investor’s Second Thoughts, a business show with 47 episodes published.

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  Episode #31

  The boom in LP-led secondaries

  Jul 13, 202652 min

  This episode is sponsored by LGT Capital Partners, Dawson Partners and Pomona Capital Record volumes and growing liquidity pressures are pushing limited partners into the market as secondaries become a core portfolio management tool rather than a last resort. What was once viewed as a reactive measure has become a core tool for managing private equity exposure with repeat sellers now a defining feature of the landscape. Asset-class expansion is also encouraging more activity. In this episode, Secondaries Investor editor Madeleine Farman is joined by Dawson Partners’ Yann Robard, LGT Capital Partners’ Pauline Wetter and Pomona Capital’s Michael Granoff. They explore why LP sales have become an expected part of managing private equity exposure; how geographic dynamics shape seller motivations; and how asset-class expansion – from private credit to infrastructure – is changing underwriting and pricing across the market.

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  Episode #30

  The evergreen effect: Secondaries’ newest investors

  Jun 1, 202645 min

  This episode is sponsored by Partners Group, Lexington Partners and Davis Polk As private wealth capital continues to flow into evergreen structures, this dry powder is having an immediate impact on secondaries volume. While estimates on just how much evergreen capital is moving into the market vary, industry participants view it as a growing force within secondaries. In this episode, Secondaries Investor’s editor Madeleine Farman is joined by Partner’s Group’s Philip Hess, Lexington Partners’ Taylor Robinson and Davis Polk’s Christopher Healey to explore the relationship between evergreen funds targeting private wealth capital and secondaries. Getting granular, they discuss how firms invest these vehicles alongside blind-pool flagship funds; the growing role of evergreen capital in the GP-led market; what lessons recent volatility in credit evergreen vehicles may hold for managers operating on the secondaries side of the market; and much more. Philip Hess is head of business development, private equity secondaries, primaries and co-investment at Partners Group Taylor Robinson is a partner on the secondary team at Lexington Partners Christopher Healey is a partner, registered funds and asset management M&A, at Davis Polk Madeleine Farman is editor of Secondaries Investor

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  Episode #29

  The 'tremendous tailwind' behind infra secondaries' growth

  May 21, 202629 min

  In a market shaped by slower exits and macro uncertainty, infrastructure secondaries is increasingly viewed as a defensive investment strategy as LPs seek stable cashflows and downside protection. Infrastructure secondaries saw approximately $9.5 billion of deployment in 2025, including around $5.5 billion across LP-led transactions, according to Evercore's 2025 Secondary Market Report. Among non-buyout strategies, only credit secondaries saw higher deployment volumes at roughly $20 billion last year. In this episode, Americas correspondent Hannah Zhang is joined by Wandy Hoh, head of secondaries and co-investments at Macquarie Asset Management, and Jeremy Duksin, co-head of the GP Solutions Group at Baird. The discussion explores the forces behind the rise of infrastructure secondaries, including LPs' growing demand for defensive assets, the expansion of GP-led transactions, and the favourable dry powder dynamics fuelling the market's continued growth.

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  Episode #28

  Data Dive: Reading the signals in secondaries sentiment

  May 5, 202632 min

  How is market sentiment shaping secondaries fundraising and deal activity? In this episode of PEI Group’s Data Dive podcast, PEI’s senior content producer, Evie Rusman, is joined by Secondaries Investor editor Madeleine Farman and PEI head of special projects for private equity Louise Fordham to discuss the findings from the Secondaries Investor Global Market Survey 2026. The survey, conducted in partnership with Goodwin, polled LPs, GPs, secondaries buyers and the intermediary community about market trends, transaction processes, deployment issues, regulation and more. PEI’s new Data Dive miniseries digs into our proprietary data, surveys and rankings, as well as recent market data sets, to understand what investors and fund managers are thinking, where capital is moving and how private markets are evolving. Read the full coverage of the Secondaries Investor Global Market Survey 2026 here . Download a data pack of the findings discussed in the podcast episode here .

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  Episode #27

  Is credit secondaries having its ‘moment’?

  Mar 16, 202645 min

  This episode is sponsored by Dawson Partners, StepStone Group and Davis Polk Ongoing uncertainty within private markets over the past year has helped fuel interest in credit secondaries. Institutions have turned to private credit looking for relatively stable returns. Furthermore, managers and LPs are turning to the secondaries market for liquidity as they look to manage their own portfolios. “Those have dovetailed together to create this tailwind behind private credit secondaries,” Davis Polk partner Sijia Cai said on the latest edition of Secondaries Investor’s Second Thoughts podcast. “It has the best of both worlds in that it's offering liquidity solution to people in a way that also mimics and has the stability and the yield and the returns of private credit.” In this episode, Secondaries Investor’s editor Madeleine Farman is joined by Dawson Partners’ Yann Robard, StepStone Group’s John Bohill and Davis Polk’s Sijia Cai. They explore how the private credit secondaries market has evolved, the fundamental differences as compared to private equity secondaries and what is driving the surge in GP-led credit secondary transactions. They also discuss pricing, investor appetite and what will define success for managers operating in this rapidly growing segment of the market.

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