1618 ET - The secondary market for private market-fund stakes, long seen as a last resort for investors in need of liquidity, now benefits from "several long-term factors," Matt Swain, global co-head of equity capital solutions at investment bank Houlihan Lokey, says in a report. "These include the spread of secondaries as an investment management tool" to strategies beyond buyouts, such as credit and infrastructure, he says. He also cites "inflows of new money from both institutional investors and retail investors" into secondary-focused funds. Also, a survey Houlihan conducted with buyers and sellers in secondary markets shows that only 4% of respondents expect prices to decline this year. "The [survey] indicates that current pricing is in a healthy place, with a good supply of everything from top-quality assets to long-in-the-tooth tail ends," Swain says. (luis.garcia@wsj.com; @lhvgarcia)
(END) Dow Jones Newswires
March 19, 2026 16:18 ET (20:18 GMT)
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