Dry Powder: The Private Equity Podcast

The Rise of the Secondaries Market: From Backwater to Boomtown

Nigel Dawn, senior managing director at Evercore, explains how GPs and LPs are discovering new tools and techniques to finance deals.


The Rise of the Secondaries Market: From Backwater to Boomtown

Two decades ago, the secondaries market was viewed as a sort of industry backwater, a place where investors worried that doing any trading at all signified a mistake. 


You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple PodcastsGoogle PodcastsSpotify, or wherever you may listen.

“It was almost akin to asking your spouse for a divorce, if you were to call up a GP and say, ‘I want to sell my fund,’” recalls Nigel Dawn, the senior managing director at Evercore. Times have changed, however, and on today’s episode of Dry Powder, Nigel walks us through the rapid evolution of the secondaries market.  

We talk about the tools that are now available to GPs and LPs, from continuation funds to NAV loans to private IPOs. We also consider whether the secondaries market could continue its remarkable growth spurt. 

“In 2004, the whole market was $6 billion,” Nigel says. “A medium-sized secondary fund now is $6 billion.” 


The Private Equity Podcast

In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.


베인에 궁금하신 점이 있으신가요?

베인은 주저 없이 변화를 마주할 줄 아는 용감한 리더들과 함께합니다. 그리고, 이들의 담대한 용기는 고객사의 성공으로 이어집니다.