Why Secondaries Matter More Than Ever for LPs

The message from SuperReturn Secondaries North America 2025 was clear: secondaries are no longer a niche tool, they’re becoming a core part of how LPs manage portfolios, liquidity, and risk.

Yet, despite rapid growth, the market is still undercapitalized relative to the opportunity set. Secondary vehicles are built to provide ongoing liquidity and typically operate at higher velocity and over shorter time horizons than primary funds.

For LPs facing:

• Slower distributions

• Muted IPO and M&A activity

• Overallocated private portfolios

…secondaries are one of the few levers available to actively reshape exposure without waiting on traditional exit markets.