An Insider’s Perspective on the Evolution of the PE Secondary Market

The sale of interests in private equity (PE) funds by limited partners to third parties on the secondary market is not a new phenomenon. Over the past decade, however, the PE secondary market has grown rather robust and sophisticated, with a new generation of market players ready to facilitate these transactions. In an effort to understand the evolution and current state of the PE secondary market, the Private Equity Law Report interviewed Cari Lodge, managing director and head of secondaries at Commonfund Capital and a panelist at the 2019 Cayman Alternative Investment Summit. This article presents Lodge’s insights on the development of the PE secondary market; the types of transactions that currently comprise this market; and her observations regarding recent trends in the secondaries space. For more on secondary market transactions, see “Sidley Austin Partners Discuss Trends in GP‑Led Secondary Transactions and Rep & Warranty Insurance” (Apr. 2, 2019).

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