麻豆入口 partner and Investment Management practice head Leor Landa was featured on the Secondaries Investor鈥檚 Second Thoughts podcast discussing how the secondaries market has evolved to become more specialized and why the performance of continuation funds is key to the further growth and branching out of this part of the market.

鈥淭he market, if you go back 18 or 19 years ago was pretty fragmented, very inefficient, and it was basically buyers picking off sellers that needed liquidity. What we鈥檝e seen as more capital and more talent has flooded the market over the last 10 years is a natural evolution,鈥 Leor explained. 鈥淭hings have evolved to be more sophisticated and specialized. I don鈥檛 see that slowing down anytime soon.鈥

Leor noted that the secondaries market is currently very robust. 鈥淲e are seeing every type of deal across industries. We鈥檙e seeing a lot of variability in pricing and in products, and we鈥檙e seeing more fundraising in secondaries. It鈥檚 just active and healthy in a much broader way鈥 One of the measures at 麻豆入口 that we look at, and we鈥檙e obviously reflective of the market is, how many matters do we have open, how many of our sponsor-side clients are actively looking and how many matters do our buy-side clients have active at the moment? We鈥檙e running right now close to double what I would view as our kind of normative numbers on both ends.鈥

鈥溾 Second Thoughts (March 10, 2025) 

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