How secondaries are reshaping fund operations

This episode is sponsored by Alter Domus

The secondaries market has gone from strength to strength in recent years, with annual transaction volume hitting a new high of $121 billion in H1 2026, per Evercore figures, after exceeding the $200 billion mark for the first time in full-year 2025. Fundraising also broke records last year, with secondaries funds collecting some $156 billion between them, according to data from affiliate title PEI Secondaries Investor.

These figures reflect the increasingly important role secondaries are playing in private markets, particularly as liquidity remains constrained. GP-led transaction volume alone surpassed $100 billion last year, as a growing number of sponsors consider continuation vehicles as a means of extending hold periods and delivering liquidity to LPs amid a challenging exit landscape.

But what does the secondaries boom mean for day-to-day fund operations? What do managers eyeing a CV for their portfolio companies, or those looking to launch a secondaries strategy, need to think about to ensure they are best placed to deal with the complexities involved?

In this episode, Patrick Krajci, head of private equity for North America at Alter Domus, sits down with private markets journalist Nicholas Neveling to discuss the key considerations for these managers, and their CFOs and finance teams in particular. From investor elections to capital calls, they dig into how secondaries are reshaping fund operations and how managers and their fund administrators are employing technology to future-proof their operations.