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 (https://www.secondariesinvestor.com/) for more.
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.
1 Jun 2026
The evergreen effect: Secondaries’ newest investors
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
21 May 2026
The 'tremendous tailwind' behind infra secondaries' growth
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.
Who has been a guest on Secondaries Investor’s Second Thoughts
Names identified in recent episode analyses. Showing up to five guests.
Madeleine Farman
Zak Bentley
Michael Granoff
Galen Lewis
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4 ratings
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4 ratings
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