{"id":4803,"date":"2024-11-22T10:37:06","date_gmt":"2024-11-22T10:37:06","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=4803"},"modified":"2024-12-12T10:54:48","modified_gmt":"2024-12-12T10:54:48","slug":"liquidity-in-private-markets-part-1-secondaries","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/liquidity-in-private-markets-part-1-secondaries\/","title":{"rendered":"Liquidity in private markets: part one &#8211; secondaries"},"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)\">Analysis<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">Liquidity in private markets: part one &#8211; secondaries<\/h1>\n\n\n<p class=\"has-small-font-size\"><em>Flat M&amp;A markets have made it difficult for private equity managers to secure exits, make distributions to investors, and unlock liquidity for fundraising. In the first of a four-part series exploring the tools and options private equity managers have available to unlock liquidity in their portfolios, Alter Domus looks into how the increasingly sophisticated secondaries industry is supporting managers and investors<\/em><\/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-full is-resized has-custom-border is-style-default\"><img fetchpriority=\"high\" decoding=\"async\" width=\"316\" height=\"292\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339.png\" alt=\"\" class=\"wp-image-4087\" style=\"border-radius:50%;aspect-ratio:1;width:145px;height:auto\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339.png 316w, https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339-300x277.png 300w\" sizes=\"(max-width: 316px) 100vw, 316px\" \/><\/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\">Michael Janiszewski<\/p>\n\n\n\n<p class=\"mt-1 has-constantia-font-family has-xsmall-font-size\" style=\"margin-top:0;margin-bottom:0\">Chief Operating Officer<\/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=\"2024-11-22T10:37:06+00:00\">22 November 2024<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\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 decoding=\"async\" width=\"7952\" height=\"5304\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Location in New York\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city.jpg 7952w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/location-new-york-city-1536x1025.jpg 1536w\" sizes=\"(max-width: 7952px) 100vw, 7952px\" \/><\/figure>\n\n\n<p>The last two years have seen a dramatic about-turn in the private markets industry. In 2021, at the peak, private markets raised a record $1.7 trillion, according to <a href=\"https:\/\/www.bain.com\/insights\/private-equity-outlook-liquidity-imperative-global-private-equity-report-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bain &amp; Co<\/a>. However, by 2022, managers found themselves operating against a completely different macro-economic environment, as the Ukraine war, rising inflation and climbing interest rates brought the private market bull-run to a sudden halt.<\/p>\n\n\n\n<p>More than two years on and investors who had upped allocations to private markets in 2020 and 2021, fully expecting to have received some distributions back from these commitments by now, have found that assets are still very much in the ground with limited visibility on when realizations will materialize.<\/p>\n\n\n\n<p>This has left a liquidity problem. According to Bain &amp; Co <a href=\"https:\/\/www.bain.com\/insights\/topics\/global-private-equity-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis of Preqin <\/a>data, buyout managers alone were sitting on $3.2 trillion of unexited companies in their portfolios- an all-time high. Extended hold periods and limited exit pathways have seen the average number of companies in portfolios double over the <a href=\"https:\/\/www.bain.com\/insights\/private-equity-midyear-report-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">last decade<\/a>.<\/p>\n\n\n\n<p>Liquidity, once taken for granted, is now front of mind. For many managers and investors DPI (distributed-to-paid in capital), rather than internal rate of return (IRR), has become the new priority. <\/p>\n\n\n\n<p>With the main exit funnels of M&amp;A, secondary buyouts and IPOs still jammed, managers have had to explore other options to realize value and start getting capital back to investors. At Alter Domus, this is something we have seen firsthand from our clients.<\/p>\n\n\n\n<p>In the first of a four-part series exploring the alternative routes to liquidity that managers have available, Alter Domus looks into how the secondaries industry is stepping up to give managers and investors optionality when mainstream transactional volumes are at a low ebb.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Part 1: Secondaries<\/strong><\/p>\n\n\n\n<p>The private markets secondaries industry is the original provider of liquidity in an asset class that by nature and structure is illiquid.<\/p>\n\n\n\n<p>The current liquidity bottleneck facing investors and managers has made this the secondaries market\u2019s moment shine.<\/p>\n\n\n\n<p>The industry has come a long way from its beginnings, when the sale of an LP-stake in a fund was often seen as a blot on manager\u2019s track record and the last option for investors that had run out of ideas.<\/p>\n\n\n\n<p>Attitudes have changed, and as the secondaries industry has matured, evolved and innovated, managers and investors have recognized the value it adds as a tool to reconfigure investor portfolios, release capital for allocations to new funds and tweak asset allocations.<\/p>\n\n\n\n<p>Indeed, the value and flexibility that secondaries offer the private markets ecosystem have been on full display during the market dislocation of the last 24 months. As primary deal activity and fundraising has dipped, the secondaries industry has moved in the opposite direction.<\/p>\n\n\n\n<p>In the most recent <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\">Jefferies Global Secondary Market Review<\/a>, secondaries deal value for H1 2024 was recorded at a high of $68 billion, a 58 percent increase on figures for the same period in 2023, putting the industry on course to deliver forecast deal value in excess of $140 billion by the end of 2024.<\/p>\n\n\n\n<p>With some <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">$253 billion of capital still available to deploy<\/a>, the secondaries managers are well-positioned to continue playing a key role in keeping liquidity cogs turning across private markets strategies.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>A broad suite of options<\/strong><\/p>\n\n\n\n<p>Secondaries managers have been there to provide both LPs and GPs with liquidity pathways, and the strong demand has sustained robust levels of activity in both LP-led and GP-led transactions.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Jefferies LP-deal activity <\/a>accounted for 59 percent of overall activity to come in at $40 billion for H1 2024.<\/p>\n\n\n\n<p>The increase in LP-led deal volumes has been driven by myriad factors, with LPs using the secondaries market not only to manage the impact of the denominator effect (where private asset allocations exceed preset thresholds) on their target asset allocations, but also to free up and reallocate capital to favored managers who are coming to market with new fundraisings.<\/p>\n\n\n\n<p>LP willingness to pursue LP-stake deals has been underpinned by relatively moderate discounts to NAV. Investors have not panicked and dumped assets at fire sale prices, with secondaries pricing remaining stable and narrow enough to make an LP-deal reasonable for selling investors.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Jefferies<\/a>, LP-deals traded at almost 90 percent of NAV through H1 2024, and with equity markets stabilizing and interest rates coming down, pricing is expected to improve even further through the rest of 2024.<\/p>\n\n\n\n<p>This has allowed LPs to sell stakes without leaving too much value on the table, and when considering the growth on NAV that private markets portfolios have delivered over the mid-to-long term even when selling at a ten percent discount, LPs can still be realizing reasonable returns on investment as they take liquidity in secondaries trades.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>GP-stakes deals on the up<\/strong><\/p>\n\n\n\n<p>GP-led deals, meanwhile, accounting for around 40 percent of the overall secondaries market, have also delivered strong transaction volume growth, with deal value up 56 percent year-on-year to reach US$28 billion for the first half of 2024, <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">according to Jefferies<\/a>.<\/p>\n\n\n\n<p>GP-led deals and continuation fund transactions, where sponsors roll-assets into a new vehicle, with backing from a secondaries investor, and offer LPs the option to either take liquidity or roll-over their stakes into the new structure, are now firmly established as a credible alternative to an exit by an M&amp;A transactions or IPO.<\/p>\n\n\n\n<p>Indeed, Jefferies notes that in H1 2024 continuation fund deals represented 14 percent of sponsor-backed exits, the <a href=\"https:\/\/www.jefferies.com\/wp-content\/uploads\/sites\/4\/2024\/07\/Jefferies-Global-Secondary-Market-Review-July-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">highest share on record<\/a>.<\/p>\n\n\n\n<p>Rather than selling their best assets at sub-optimal valuations in flat M&amp;A and IPO markets, continuation funds have given managers a pathway to release liquidity without letting go of top performing portfolio companies.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Putting the building blocks in place<\/strong><\/p>\n\n\n\n<p>Secondaries managers are providing much needed liquidity for private markets, and managers with high quality back-office infrastructure and best-in-class fund reporting and technology will be positioned to take advantage of the flexibility and liquidity that secondaries investment can offer.<\/p>\n\n\n\n<p>Administering and accounting for secondaries has become a more complex, demanding task for manager back-office teams as the secondaries industry has grown and evolved.<\/p>\n\n\n\n<p>Alter Domus has helped a number of managers to upgrade operational models and put the foundations in place to handle rising secondaries volumes while being in a position to take advantage of the liquidity on offer in the secondaries market.<\/p>\n\n\n\n<p>There are a higher volume of secondaries trades for back-office teams to track in the first instance, and deals will not just include LP-led deals, but also GP-led transactions, single asset deals and continuation funds, which introduce additional fund reporting and governance obligations for each and every continuation fund vehicle. <br>A mix of secondaries deal asset classes, which have broadened out beyond buyout funds to include private debt and real assets, require further accounting and reporting bandwidth.<\/p>\n\n\n\n<p>For back-office teams that are already stretched and are adapting to rising regulatory and investor reporting requirements on a day-to-day basis, the additional demands that come with monitoring assets alongside commitments that have traded in secondaries transactions, demand investment in operational infrastructure.<\/p>\n\n\n\n<p>Alter Domus\u2019 Workflows Application, an AI-powered tool that can automate high volume back-office tasks, making it easier for managers to keep track of growing and increasingly complex secondaries transactions in their funds, as well as continuation funds orchestrated by managers themselves.<\/p>\n\n\n\n<p>A digital link between manager and fund administrator leadx to greater accuracy in data, as well as transparency, improved efficiency of data collation and higher-quality analysis.<\/p>\n\n\n\n<p>Managers can also turn to Alter Domus for more general outsourcing, co-sourcing and technology support to build back-office capability that can be scaled at pace and adapted to unlock secondaries liquidity.<\/p>\n\n\n\n<p>In markets where liquidity is tight, having the infrastructure in place to assist and facilitate secondaries deal flow helps managers and investors to keep capital flowing in through a challenging period in the cycle.<\/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 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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=\"316\" height=\"292\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339.png 316w, https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/06\/Janiszewski-Michael-e1717495706339-300x277.png 300w\" sizes=\"(max-width: 316px) 100vw, 316px\" \/>        <\/div>\n\n        <div class=\"filter-contact-item-content\">\n            <h4 class=\"filter-contact-name\">Mike Janiszewski<\/h4>\n            <p class=\"filter-contact-region\">North America<\/p>\n            <p class=\"filter-contact-job-title\">Chief Operating Officer<\/p>\n\n            <div class=\"filter-contact-contact-details\">\n                <div class=\"filter-contact-details-icons\">\n                    \n                    \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\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\"><\/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 loading=\"lazy\" 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 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<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1515,"template":"","cat-insight-type":[142],"cat-sectors":[],"cat-services":[],"class_list":["post-4803","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-analysis"],"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>Liquidity in private markets: part one - secondaries - Alter Domus<\/title>\n<meta name=\"description\" content=\"In the first of our 4 part series Alter Domus looks into how the increasingly sophisticated secondaries industry is supporting GPs and LPs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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