{"id":3083,"date":"2023-10-17T11:00:00","date_gmt":"2023-10-17T10:00:00","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=3083"},"modified":"2023-10-17T11:41:40","modified_gmt":"2023-10-17T10:41:40","slug":"the-undervalued-role-of-the-secondaries-market","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/","title":{"rendered":"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">News<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market<\/h1>\n\n\n<p class=\"has-medium-font-size\">Amid the rise of alternative assets over the last two decades, the number of investment opportunities available to both limited partners and general partners has grown. One such vehicle &#8211; the secondaries market &#8211; is attracting increasing amounts of attention and fundraising.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-3333c3a8 wp-block-group-is-layout-flex\">\n<figure class=\"wp-block-image size-large is-resized has-custom-border is-style-default\"><img decoding=\"async\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-1024x1024.jpg\" alt=\"\" class=\"wp-image-1282\" style=\"border-radius:50%;width:100px\" width=\"100\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-1024x1024.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-300x300.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-150x150.jpg 150w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-768x768.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137.jpg 1523w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-4b827052 wp-block-group-is-layout-flex\">\n<p style=\"margin-top:0;margin-bottom:0\">Tim Toska<\/p>\n\n\n\n<p class=\"mt-1 has-constantia-font-family has-xsmall-font-size\" style=\"margin-top:0;margin-bottom:0\">Group Sector Head, Private Equity<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2023-10-17T11:00:00+01:00\">17 October 2023<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"architecture London buildings\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-secondaries-in-the-spotlight\"><strong>Secondaries in the spotlight<\/strong><\/h4>\n\n\n\n<p>Fundraising for the secondaries market \u2013 where investors purchase securities or assets from other investors rather than directly themselves &#8211; has finally bounced back after steep falls from the highs experienced during covid-stricken 2020, with H1 2023 showing a 28% year on year jump. Indeed, the broadsheet financial media has been awash with reports of large players raising billions specifically for allocation to secondaries, with the pervading sense from market players that it\u2019s been both undercapitalized and, to a degree, an undervalued part the alternatives eco-system. <\/p>\n\n\n\n<p>While the actual volume of transaction for secondaries didn\u2019t meet expectations in H1, market commentators seem to believe an incredibly robust H2 will make up for any shortfall. What\u2019s clear is that the market has matured and grown in terms of sophistication with players on both sides of the equation using ever more sophisticated asset performance and sectoral data to guide their investment strategies.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-liquidity-and-economic-uncertainty-are-the-key-drivers\"><strong>Liquidity and economic uncertainty are the key drivers<\/strong><\/h4>\n\n\n\n<p>As the saying goes, not all heroes wear capes, and i<a>n a period where liquidity has been increasingly scarce, the secondaries market has been a lever that both GPs and LPs can turn to and pull. <\/a>If capital is the lifeblood of a financial system, then secondaries can be seen as an essential safety valve that allows that capital to keep flowing through the arteries, meeting investors need for liquidity.<\/p>\n\n\n\n<p>What\u2019s also helping secondaries seize the moment is the ongoing sense of uncertainty still gripping major economic markets. Investors seem either cautiously optimistic or cautious with regards to optimism as they wait to see whether interest rates and inflation will begin to properly descend. On the private equity front, this ever-present uncertainty \u2013 the b\u00eate noir of deals &#8211; has kept the under-performance of 2022 rolling deep into 2023: reigned in investments, blocked exists, and stymied fundraising for many traditional PE transactions abound. The safety valve of secondaries therefore becomes ever more appealing.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-lp-advantages\"><strong>The LP advantages<\/strong><\/h4>\n\n\n\n<p>For limited partners, there are two clear ways to take advantage of turning to secondaries; firstly, if there\u2019s a need to re-up for the next investment cycle and reshape their portfolio, then offloading that asset at the right pricing floor becomes an attractive prospect. Secondly, for limited partners on the buy side looking to find quality businesses or assets at a sometimes heavily discounted price on the dollar, there are great deals to be had. Of course, there\u2019s a tango that takes place between buyer and seller and there were times post-2020 where there was no great alignment on price or valuation of assets, hence the slowdown in-deal activity. As things stand in H2 2023, deal flows are good, discounts deep and buyers and sellers are making matches.<\/p>\n\n\n\n<p>On the private equity front, the last 12 months has seen the expansion of secondaries funds aimed squarely at the middle market, with an ever more diverse sectoral selection of well-positioned companies becoming available. Of course, middle market companies have a lot more room to grow both operationally and in terms of scale, and often benefit hugely from PE firms\u2019 capital injections and M&amp;A expertise. The feeling among many investors is that there are bargains to be had in this space, and sellers seem more willing in this illiquid moment in time to adjust their valuations to get deals over the line.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-gp-led-secondaries-have-changed-market-dynamics\"><strong>GP-led secondaries have changed market dynamics<\/strong><\/h4>\n\n\n\n<p>Looking at the history of secondaries, there is another key development it would be remiss not to highlight. If first period of the market was defined by limited partners led deals, then the second (let\u2019s call it \u2018post-Covid\u2019) has been defined by the rise of GP-led transactions. Historically many GPs have often found themselves facing what you could term a \u2018capital conundrum\u2019 \u2013 on the one hand the need get a return on an asset as the clock ticks down on a fund, on the other often knowing they may be selling that asset before its value has been maximized.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-enter-stage-left-gp-led-secondaries\"><strong>Enter, stage left: GP-led secondaries<\/strong><\/h4>\n\n\n\n<p>The asset \u2013 often held in a vintage fund nearing expiration &#8211; is sold into a continuation fund which enables GPs to keep control of their asset, attract investment from new limited partners, and pay out their original fund investors. Holding on to high quality assets for an extended period can help GP\u2019s ensure they extract every bit of value created by their work and effort. It also offers the original investor optionality; an escape hatch if the investor is looking for distributions in order to re-invest or re-allocate their capital due to internal or external economic factors, or the opportunity to roll their capital into the continuation fund and share on the potential upside, often at more enticing economic terms than the original fund vehicle.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-outlook\"><strong>The outlook<\/strong><\/h4>\n\n\n\n<p>With momentum building in the secondaries space and greater supply coming on-line, it\u2019ll be fascinating to see where both fundraising and transaction volumes finish in 2023. It\u2019s worth remembering that these are complex financial vehicles; having the right support for the operational process of administering a secondaries fund and the right tools in terms of data capture, delivery and monitoring is essential.<\/p>\n\n\n\n<p>Looking at the horizon there are three factors that might have both short and long-term effects on Secondaries.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The potential impact in the US of the SEC\u2019s Private Fund Reform Rule around Adviser-led secondaries and the requirement to obtain a fairness or valuation opinion from an independent party<\/li>\n\n\n\n<li>The speed at which private equity players embrace AI and Automation to enhance the deal making decisions<\/li>\n\n\n\n<li>To what extent the rise of NAV \/ Borrowing Base loans will eat into secondaries allocations<\/li>\n<\/ol>\n\n\n\n<p>We\u2019ll of course be opining on these factors in the months ahead, but, for now, in the ongoing race of financial performance, coming <em>secondary <\/em>seem to have its advantages.<\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-598f35b6 wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--3-xl)\"><li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-linkedin has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&#038;url=https%3A%2F%2Falterdomus.com%2Finsight%2Fthe-undervalued-role-of-the-secondaries-market%2F&#038;title=Keeping%20the%20lifeblood%20of%20capital%20flowing%3A%20the%20undervalued%20role%20of%20the%20secondaries%20market\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\" target=\"_blank\" class=\"wp-block-outermost-social-sharing-link-anchor\">\n\t\t<svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg>\t\t<span class=\"wp-block-outermost-social-sharing-link-label screen-reader-text\">\n\t\t\tShare on LinkedIn\t\t<\/span>\n\t<\/a>\n<\/li>\n\n\n<li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-facebook has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Falterdomus.com%2Finsight%2Fthe-undervalued-role-of-the-secondaries-market%2F&#038;title=Keeping%20the%20lifeblood%20of%20capital%20flowing%3A%20the%20undervalued%20role%20of%20the%20secondaries%20market\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\" target=\"_blank\" class=\"wp-block-outermost-social-sharing-link-anchor\">\n\t\t<svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg>\t\t<span class=\"wp-block-outermost-social-sharing-link-label screen-reader-text\">\n\t\t\tShare on Facebook\t\t<\/span>\n\t<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-contacts-container filter-contacts-1\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Key contacts<\/h2>\n\n\n\n<div class=\"wp-block-columns filter-contacts-row is-layout-flex wp-container-core-columns-is-layout-398b3aa3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n            \n\n<div class=\"filter-contact-container\">\n    <div class=\"filter-contact-item\">\n        <div class=\"filter-contact-item-image\">\n            <img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-1024x1024.jpg\" class=\"attachment-large size-large\" alt=\"Tim Toska\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-1024x1024.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-300x300.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-150x150.jpg 150w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137-768x768.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Toska-Tim-scaled-e1693912286137.jpg 1523w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>        <\/div>\n\n        <div class=\"filter-contact-item-content\">\n            <h4 class=\"filter-contact-name\">Tim Toska<\/h4>\n            <p class=\"filter-contact-region\">United States<\/p>\n            <p class=\"filter-contact-job-title\">Global Sector Head, Private Equity<\/p>\n\n            <div class=\"filter-contact-contact-details\">\n                <div class=\"filter-contact-details-icons\">\n                                            <span class=\"filter-contact-contact-item contact-email\">\n                            <a href=\"mailto:Tim.Toska@alterDomus.com\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by email\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/mail2.svg\">\n                            <\/a>\n                        <\/span>\n                    \n                                            <span class=\"filter-contact-contact-item contact-phone\">\n                            <a href=\"tel:12033096120\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by phone\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/phone2.svg\">\n                            <\/a>\n                        <\/span>\n                    \n                                            <span class=\"filter-contact-contact-item contact-linkedin\">\n                            <a href=\"https:\/\/www.linkedin.com\/in\/timtoska\/\" target=\"_blank\">\n                                <img decoding=\"async\" alt=\"Contact by LinkedIn\" src=\"https:\/\/alterdomus.com\/wp-content\/themes\/alter-domus-twentyfive-v2.1.0\/assets\/images\/linkedin2.svg\">\n                            <\/a>\n                        <\/span>\n                                    <\/div>\n                            <\/div>\n        <\/div>\n    <\/div>\n<\/div>    \n    <\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-more-insights-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" id=\"h-insights\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Insights<\/h2>\n\n\n  \n<div class=\"filter-latest-insights-container filter-block-wrapper test\" style=\"\">\n    <div class=\"filter-latest-insights-list-inner order-news-event-news\">\n\n        <article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img decoding=\"async\" width=\"1024\" height=\"652\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg\" class=\"attachment-large size-large\" alt=\"technology man holding iPad showing data scaled\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-300x191.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-768x489.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1536x979.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-2048x1305.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 26, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Operational equity, powered by technology<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" aria-label=\"Click to read Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-2048x1366.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1561,"template":"","cat-insight-type":[19],"cat-sectors":[12],"cat-services":[],"class_list":["post-3083","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-news","cat-sectors-private-equity"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market<\/title>\n<meta name=\"description\" content=\"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus&#039; Tim Toska. Read the analysis now.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market\" \/>\n<meta property=\"og:description\" content=\"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus&#039; Tim Toska. Read the analysis now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Alter Domus\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-17T10:41:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/\",\"url\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/\",\"name\":\"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market\",\"isPartOf\":{\"@id\":\"https:\/\/alterdomus.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\",\"datePublished\":\"2023-10-17T10:00:00+00:00\",\"dateModified\":\"2023-10-17T10:41:40+00:00\",\"description\":\"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus' Tim Toska. Read the analysis now.\",\"breadcrumb\":{\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage\",\"url\":\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\",\"contentUrl\":\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Highly detailed abstract wide angle view up towards the sky in the financial district of London City and its ultra modern contemporary buildings with unique architecture. Shot on Canon EOS R full frame with 10mm wide angle lens. Image is ideal for background.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/alterdomus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/alterdomus.com\/#website\",\"url\":\"https:\/\/alterdomus.com\/\",\"name\":\"Alter Domus\",\"description\":\"Integrated solutions for the alternative investment industry\",\"publisher\":{\"@id\":\"https:\/\/alterdomus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/alterdomus.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/alterdomus.com\/#organization\",\"name\":\"Alter Domus\",\"url\":\"https:\/\/alterdomus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/alterdomus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/08\/Logo.svg\",\"contentUrl\":\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/08\/Logo.svg\",\"width\":204,\"height\":29,\"caption\":\"Alter Domus\"},\"image\":{\"@id\":\"https:\/\/alterdomus.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/alterdomus\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market","description":"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus' Tim Toska. Read the analysis now.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/","og_locale":"en_US","og_type":"article","og_title":"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market","og_description":"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus' Tim Toska. Read the analysis now.","og_url":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/","og_site_name":"Alter Domus","article_modified_time":"2023-10-17T10:41:40+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/","url":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/","name":"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market","isPartOf":{"@id":"https:\/\/alterdomus.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage"},"image":{"@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage"},"thumbnailUrl":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg","datePublished":"2023-10-17T10:00:00+00:00","dateModified":"2023-10-17T10:41:40+00:00","description":"The secondaries market is attracting increasing amounts of attention and fundraising, says Alter Domus' Tim Toska. Read the analysis now.","breadcrumb":{"@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#primaryimage","url":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg","contentUrl":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg","width":2560,"height":1707,"caption":"Highly detailed abstract wide angle view up towards the sky in the financial district of London City and its ultra modern contemporary buildings with unique architecture. Shot on Canon EOS R full frame with 10mm wide angle lens. Image is ideal for background."},{"@type":"BreadcrumbList","@id":"https:\/\/alterdomus.com\/insight\/the-undervalued-role-of-the-secondaries-market\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/alterdomus.com\/"},{"@type":"ListItem","position":2,"name":"Keeping the lifeblood of capital flowing: the undervalued role of the secondaries market"}]},{"@type":"WebSite","@id":"https:\/\/alterdomus.com\/#website","url":"https:\/\/alterdomus.com\/","name":"Alter Domus","description":"Integrated solutions for the alternative investment industry","publisher":{"@id":"https:\/\/alterdomus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alterdomus.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/alterdomus.com\/#organization","name":"Alter Domus","url":"https:\/\/alterdomus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/alterdomus.com\/#\/schema\/logo\/image\/","url":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/08\/Logo.svg","contentUrl":"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/08\/Logo.svg","width":204,"height":29,"caption":"Alter Domus"},"image":{"@id":"https:\/\/alterdomus.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/alterdomus\/"]}]}},"tpgb_featured_images":{"full":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg",2560,1707,false],"tp-image-grid":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg",700,467,false],"thumbnail":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-150x150.jpg",150,150,true],"medium":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-300x200.jpg",300,200,true],"medium_large":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-768x512.jpg",768,512,true],"large":["https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-1024x683.jpg",1024,683,true],"default":"https:\/\/alterdomus.com\/wp-content\/plugins\/the-plus-addons-for-block-editor\/assets\/images\/tpgb-placeholder.jpg"},"tpgb_post_meta_info":{"get_date":"17 October 2023","get_modified_date":"17 October 2023","category_list":{"cat-insight-type":[{"term_id":19,"name":"News","slug":"news","term_group":0,"term_taxonomy_id":19,"taxonomy":"cat-insight-type","description":"","parent":0,"count":78,"filter":"raw"}],"cat-sectors":[{"term_id":12,"name":"Private Equity","slug":"private-equity","term_group":0,"term_taxonomy_id":12,"taxonomy":"cat-sectors","description":"","parent":0,"count":131,"filter":"raw"}],"cat-services":false},"comment_count":0,"post_likes":0,"post_views":0},"tpgb_post_category":{"cat-insight-type":"<a href=\"https:\/\/alterdomus.com\/cat-insight-type\/news\/\" alt=\"News\" class=\"cat-insight-type-news\">News<\/a> ","cat-sectors":"<a href=\"https:\/\/alterdomus.com\/cat-sectors\/private-equity\/\" alt=\"Private Equity\" class=\"cat-sectors-private-equity\">Private Equity<\/a> "},"_links":{"self":[{"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/insights\/3083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/insights"}],"about":[{"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/types\/insights"}],"version-history":[{"count":0,"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/insights\/3083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/media\/1561"}],"wp:attachment":[{"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/media?parent=3083"}],"wp:term":[{"taxonomy":"cat-insight-type","embeddable":true,"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/cat-insight-type?post=3083"},{"taxonomy":"cat-sectors","embeddable":true,"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/cat-sectors?post=3083"},{"taxonomy":"cat-services","embeddable":true,"href":"https:\/\/alterdomus.com\/wp-json\/wp\/v2\/cat-services?post=3083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}