Specialised secondaries strategies are becoming an increasingly important part of the market. According to data complied by Secondaries Investor, 85 percent of the capital raised by secondaries funds in final closes last year was for private equity strategies; the remainder of this was for non-PE strategies, and the year before that more than one-third of capital raised was for non-PE strategies.

There is also increasing specialisation within private equity secondaries, as firms including Lexington Partners, Strategic Partners, AlpInvest Partners and LGT Capital Partners carve out teams to focus on single-asset continuation funds.

In episode seven of the Decade of Secondaries Investing miniseries, senior editor Adam Le sits down with Jeremy Coller, chief investment officer and managing partner at Coller Capital, and Yann Robard, managing partner at Dawson Partners, to discuss how far the asset class has come in terms of specialisation and cross-asset-class appeal.

• For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.