PMG SECONDARIES

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The secondary market for private market assets has grown from a niche liquidity mechanism into a significant market handling over $100 billion in annual transaction volume — encompassing traditional LP stake sales, GP-led continuation vehicles, NAV lending, and structured preferred equity transactions.

With that growth has come greater complexity and greater potential for the interests of buyers, sellers, and sponsors to diverge in ways that are not always transparent. PMG Secondaries publishes weekly analysis for institutional investors, family offices, and investment professionals who want independent, rigorous coverage of this market.

Secondary market volume, pricing, and bid-ask dynamics — how discounts to NAV vary by vintage, strategy, fund type, and market conditions. LP stake sales — pricing mechanics and how to evaluate secondary market options versus holding or GP-led alternatives.

GP-led transactions and continuation vehicles — the governance standards that ILPA and the SEC have established and the gap between those standards and market practice. NAV lending — how it works, when it serves LP interests, and when it defers problems that a secondary transaction would resolve more cleanly.

Preferred equity — waterfall mechanics and where the protection breaks down under stress. Evergreen and semi-liquid fund structures — liquidity window mechanics and what investors should examine before committing. Venture secondaries — why discounts are larger than in private equity and how the market is developing. Secondary fund performance — what track record analysis should actually be testing.

Every article is strictly neutral and analytical, drawing on published research from Jefferies, Lazard, Greenhill Cogent, Evercore, and ILPA. 

We do not manage money and have no commercial relationships with secondary fund managers or intermediaries.

New analysis published every week.