Private markets look stable… until they don’t.

NAVs move slowly. Returns look smooth. Volatility appears contained.
But none of that is tested until an investor actually tries to sell.

That’s where secondaries come in.

The secondaries market is where private markets lose their narrative and face reality.
It’s where valuation becomes negotiation.

Where liquidity becomes optional.

And where the difference between price and value stops being theoretical.

In this conversation, Nigel Dawn, Global Head of Private Capital Advisory at Evercore, breaks down how secondaries have quietly become one of the most important forces shaping private markets today.

If you want to understand private markets properly, this is where you start.

What is the secondaries market in private equity?

The secondaries market allows investors to buy and sell existing private market assets, including fund interests and company stakes, providing liquidity in an otherwise illiquid asset class.

Why does the secondaries market matter?

It is the point where private market valuations (NAVs) are tested against real transaction prices, making it critical for price discovery, portfolio management and liquidity.

What are continuation vehicles?

Continuation vehicles are structures that allow private equity managers to hold high-quality assets for longer while offering liquidity to existing investors and bringing in new capital.

How large is the secondaries market?

Despite rapid growth, it remains small at roughly 2% of total private markets NAV, suggesting significant room for expansion.

What is the outlook for secondaries?

Growth is expected to accelerate, particularly in private credit secondaries, driven by demand for liquidity, portfolio management and new investor access.

What’s covered

• Why secondaries are the true pricing mechanism in private markets
• The shift from stigma to strategic portfolio management
• How continuation vehicles actually work (and why they’re misunderstood)
• The difference between NAV and executable price
• How conflicts are managed in GP-led transactions
• The rise of private wealth capital in secondaries
• Why private credit secondaries are the next major growth area

Chapters

00:00 Secondaries: where private markets meet reality
01:26 What the media gets wrong about private markets
03:00 From stigma to strategy, evolution of secondaries
06:13 Why the market is still only ~2% of NAV
07:45 Continuation vehicles explained
10:30 Not “kicking the can” what’s really happening
15:53 Conflicts, ILPA and investor protection
19:28 How pricing works (NAV vs price)
22:03 Retail capital and evergreen structures
30:37 Liquidity solutions (NAV lending, strip sales, etc.)
32:14 Private credit secondaries, next wave
38:04 Has private markets lost its partnership model?

Secondaries are no longer a niche.

They are becoming the operating system of private markets liquidity, enabling:

• Active portfolio management
• Real price discovery
• Capital recycling at scale

🔹🔹🔹🔹🔹🔹

Nigel Dawn is Global Head of Private Capital Advisory at Evercore.

He advises institutional investors, sovereign wealth funds and private equity firms on secondaries transactions globally.

🔗 https://www.linkedin.com/in/nigel-dawn-9aa121/

🌐https://www.evercore.com/who-we-are/overview/

🔹🔹🔹🔹🔹🔹

Ross Butler

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