{"id":130000,"date":"2026-06-01T14:46:29","date_gmt":"2026-06-01T14:46:29","guid":{"rendered":"https:\/\/lynkcm.com\/?p=130000"},"modified":"2026-06-01T14:55:03","modified_gmt":"2026-06-01T14:55:03","slug":"private-market-secondaries-liquidity","status":"publish","type":"post","link":"https:\/\/lynkcm.com\/es\/private-market-secondaries-liquidity","title":{"rendered":"The Other Exit"},"content":{"rendered":"
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
Mercados privados<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

The Other Exit\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

How GP-Led Secondaries and the Surge in Portfolio Sales Are Redefining Private Markets Liquidity<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

The global secondary market for private assets has entered a new era. After crossing $160 billion in 2024 and $226 billion in 2025, industry projections point to annual transaction volumes approaching $300 billion by 2027. That growth is driven by two distinct but converging forces: a surge in GP-led transactions \u2014 primarily continuation vehicles \u2014 through which general partners extend their hold on high-conviction assets while offering existing limited partners an early exit; and a rising tide of LP portfolio sales, as pension funds, endowments, sovereign wealth funds, and increasingly, wealth management platforms rebalance overextended private markets allocations.<\/p>

Together, these two streams have transformed the secondary market from a distress-driven backwater into a sophisticated, strategy-grade segment of the private markets\u2019 ecosystem. Secondary funds now market explicitly to defined contribution plans, family offices, and high-net-worth channels. Evergreen and interval-fund structures are being used to democratize secondary access. And GP-led processes have become so mainstream that continuation vehicles now represent approximately one in five sponsor-backed private equity exits.<\/p>

For asset managers, wealth advisors, private bankers, and family offices operating across the United States, the U.S. offshore channel, and Latin America, the implications are immediate. Clients already holding private equity \u2014 whether through direct fund commitments, feeder structures, or notes \u2014 are likely to encounter secondaries on both sides of the trade within the next investment cycle. Understanding the mechanics, the pricing dynamics, and the strategic uses of this market is no longer optional expertise. It is table stakes.<\/p>

This paper examines the structural drivers behind the secondary market’s growth, explains how GP-led and LP-led transactions work in practice, analyzes the wealth channel’s evolving role as both buyer and seller, and draws out the specific implications for advisors and asset managers serving the U.S. offshore market and Latin America.<\/p>

From Relief Valve to Strategic Tool: The Secondary Market’s Growth<\/strong><\/p>

The secondary market for private assets has always served a fundamental economic function: it allows investors who need liquidity to sell interests in funds or assets that were not designed to be liquid. For most of its history, that function was reactive. Sellers were often institutions under pressure \u2014 endowments facing spending requirements, pension funds rebalancing after a market dislocation, or investors who had misjudged their capital needs. Buyers were opportunistic, demanding steep discounts to par as compensation for the complexity of acquiring stakes in closed-end funds.<\/p>

That characterization is now outdated. The secondary market of 2026 is larger, more diverse, more buyer-friendly, and far more strategically intentional than its predecessors. Several forces explain the transformation.<\/p>

Volume Growth and Market Depth<\/strong><\/p>

In 2015, total secondary market volume was estimated at approximately $40 billion. By 2024, it had reached $160 billion. In 2025 alone, volume grew a further 48% to $226 billion, according to data compiled by Jefferies. The pipeline entering 2026 is deep: Jefferies estimates first-half 2026 volume could exceed $100 billion on backlog alone. The market has developed sufficient depth that large transactions \u2014 in excess of $5 billion \u2014 can clear without meaningful pricing distortion, a degree of liquidity that would have been inconceivable a decade ago.<\/p>

The Overhang Problem<\/strong><\/p>

One structural driver of this growth is the private equity industry’s own success. Years of strong fundraising, combined with a protracted slowdown in IPOs and strategic M&A activity after the 2022 rate shock, produced a large overhang of unrealized value locked inside aging funds. General partners whose funds were approaching or past their planned investment horizon faced a dilemma: sell portfolio companies into an unfavorable market and crystalize subpar returns, or seek alternative mechanisms to manage the fund’s lifecycle. GP-led secondaries \u2014 and particularly continuation vehicles \u2014 emerged as the preferred solution, allowing GPs to extend their hold on high-quality assets while providing some LPs with an earlier liquidity option.<\/p>

The LP side faces its own overhang. The denominator effect following the 2022 public markets correction left many institutional investors technically over-allocated to private markets relative to their policy targets. Portfolio sales \u2014 in which an LP sells a portfolio of fund interests in a single transaction \u2014 became an efficient tool for rapid rebalancing, and the bid side of the market developed to absorb increasingly large blocks of assets.<\/p>

“The secondary market has graduated from a crisis mechanism to a portfolio management tool. The sell-side motivation is now as often strategic as it is distressed \u2014 and the buy-side has priced accordingly.”<\/em><\/p>

Discounts to net asset value, which routinely exceeded 30% during market disruptions, have compressed significantly in calmer conditions. Broad portfolios of buyout fund interests often trade in the 85 to 95 cents on the dollar range when the underlying assets are sound. GP-led processes involving high-quality single or dual-asset continuation vehicles frequently clear at or above NAV. This pricing normalization is itself a signal of market maturation: sellers are less desperate, buyers are more numerous, and price discovery has become more efficient.<\/p>

GP-Led Secondaries: The Continuation Vehicle in Practice<\/strong><\/p>

Of the two main streams feeding secondary market growth, GP-led transactions have attracted the most attention \u2014 and the most controversy. Understanding why requires a clear view of the mechanics.<\/p>

How Continuation Vehicles Work<\/strong><\/p>

A continuation vehicle (CV) is a transaction in which a general partner moves one or more portfolio companies from an existing fund into a new purpose-built special purpose vehicle, effectively extending the GP’s management of those assets beyond the original fund’s term. Existing limited partners in the original fund are offered a choice: they can sell their interest in the relevant assets to the secondary buyers financing the new vehicle, realizing liquidity at a negotiated price; or they can roll their position into the CV, continuing their exposure to the portfolio company alongside the new capital.<\/p>

From the GP’s perspective, a continuation vehicle solves a genuine problem. Private equity portfolio companies require active ownership and often need additional capital to achieve their full potential. Forced sales into a weak M&A market destroy value. A CV allows the GP to maintain control, inject new capital if needed, and hold until conditions are more favorable \u2014 without violating the original fund’s mandate or term.<\/p>

From the LP’s perspective, the CV presents a fork in the road. Rolling into the vehicle means accepting continued illiquidity alongside a new investor base and a new fee structure. Taking the cash means accepting the secondary buyer’s price, which is negotiated under conditions where the GP \u2014 who controls the process \u2014 has asymmetric information about the portfolio company’s outlook. This conflict of interest is real and has drawn regulatory scrutiny, particularly from the SEC, which has pushed for greater disclosure and fairness opinion requirements in GP-led processes.<\/p>

Scale and Normalization<\/strong><\/p>

What was once considered a structural novelty has become structural standard. Closed continuation vehicle volume grew 93% year-over-year in Europe and 34% in North America in 2025, according to data compiled by Dechert. GP-led transactions as a whole now represent approximately 14% of all sponsor-backed exit volume \u2014 a figure that would have seemed extraordinary five years ago. Major asset managers including Golub Capital, Apollo, and Blackstone have built dedicated GP-led secondary capabilities, signaling a permanent institutionalization of the practice.<\/p>

The market has also diversified beyond pure buyout. GP-led structures are now being applied in private credit \u2014 where managers of credit funds seek to retain high-performing loan portfolios beyond a fund’s maturity \u2014 and in infrastructure, where the long-dated nature of underlying assets makes continuation especially natural.<\/p>

The LP Portfolio Sale Renaissance<\/strong><\/p>

While GP-led transactions captured the headlines, LP portfolio sales quietly became the dominant volume driver in the secondary market. These transactions \u2014 in which a limited partner sells a diversified portfolio of fund stakes to one or more secondary buyers \u2014 are the original secondary market mechanism, and they are experiencing a structural renaissance.<\/p>

Who Is Selling and Why<\/strong><\/p>

The profile of LP sellers has broadened considerably. Public pension funds in the United States and Europe remain active sellers, managing over-allocation and funding current spending obligations. Sovereign wealth funds with policy-driven rebalancing requirements are increasingly using portfolio sales as a tool. Insurance companies seeking to reduce capital intensity are selling private markets stakes. And, perhaps most significantly for the wealth channel, a growing cohort of fund-of-funds, multi-family offices, and wealth management platforms are using the secondary market to manage the vintage-year concentration and sector overlap that accumulate in maturing private equity programs.<\/p>

The motivations are not always distress-driven. Portfolio optimization \u2014 the deliberate pruning of tail-end fund relationships to concentrate capital with higher-conviction managers \u2014 is increasingly cited as a selling rationale. As private markets programs mature, the organizational cost of maintaining dozens of fund relationships with modest remaining value is not trivial. Portfolio sales allow sellers to exit that tail cleanly, concentrate capital, and re-deploy into newer vintages or different strategies.<\/p>

Pricing and Process Dynamics<\/strong><\/p>

Portfolio sales are typically structured as competitive processes managed by placement agents, with secondary buyers submitting bids for the entire portfolio or for tranches. Pricing depends heavily on vintage year distribution, manager quality, geographic concentration, and the buyer’s view of remaining duration and return potential. Portfolios weighted toward recent vintages with recognized managers in favorable sectors \u2014 technology, healthcare, infrastructure \u2014 will clear at meaningfully tighter discounts than portfolios dominated by older funds with long remaining life and limited exit visibility.<\/p>

A critical dynamic for sellers to understand is the distinction between volume-weighted pricing and cherry-picking. Most secondary buyers will bid on the full portfolio, but their willingness to pay a full-portfolio price depends on the overall quality of the lot. Sellers who carve out the best assets for separate sale and attempt to sell the remainder as a portfolio often find that the residual trades at a steep discount, or does not trade at all. Portfolio integrity matters.<\/p>

The Wealth Channel as Buyer: A New Access Point for Alternatives<\/strong><\/p>

Historically, the secondary market was the exclusive domain of institutional investors \u2014 large secondary funds with multibillion-dollar mandates, pension funds rolling positions, and sovereign wealth funds with the scale and sophistication to navigate complex fund transfers. That exclusivity is dissolving.<\/p>

Democratization Vehicles<\/strong><\/p>

The same structural forces driving the broader democratization of private markets \u2014 evergreen fund structures, interval funds, semi-liquid vehicles, and structured notes \u2014 are being applied to secondaries. Several major secondary fund managers now offer vehicles specifically designed for the wealth channel: lower minimum investments, periodic liquidity windows, simplified subscription processes, and feeder structures that allow individual investors to access secondary market returns without the operational complexity of direct fund transfers.<\/p>

The appeal of secondaries as an entry point for wealth channel investors is intuitive. Secondary investments offer what primary fund commitments do not: a shorter blind-pool period, a visible portfolio of assets, reduced J-curve effect (since the assets are already invested and in many cases approaching exit), and the potential for a built-in discount to NAV. For advisors managing client expectations around illiquidity and the timing of returns, secondaries offer a more legible investment proposition than a new primary fund commitment.<\/p>

According to BlackRock’s 2026 Private Markets Outlook, the wealth-focused evergreen universe \u2014 which includes many secondary-oriented vehicles \u2014 stood at approximately $427 billion at year-end 2024 and is projected to exceed $1.1 trillion by 2029, growing at a compound rate above 20%. Secondary-focused strategies represent a growing share of that universe.<\/p>

“For advisors managing client expectations around illiquidity, secondaries offer a more legible investment proposition than a new primary fund commitment. The portfolio is visible, the assets are seasoned, and the J-curve is truncated.”<\/em><\/p>

The Wealth Channel as Seller<\/strong><\/p>

The wealth channel is not only emerging as a buyer of secondaries \u2014 it is also becoming a more frequent seller. As private markets access expanded aggressively through the wealth channel over the past decade, many high-net-worth clients and family offices now hold meaningful allocations to private equity, private credit, and real assets through semi-liquid vehicles, feeder funds, and structured products. Some of those allocations were made at peak valuations in 2021 and 2022. Others reflect vintage concentration in specific sectors or geographies.<\/p>

Advisors managing these portfolios increasingly need to understand how to use the secondary market to manage overallocation, exit aging positions, or rebalance toward more current opportunities. This requires a different set of competencies than traditional private markets advisory: an understanding of secondary pricing mechanics, the ability to identify and engage secondary buyers or placement agents, and the skill to explain to clients why selling at a discount to NAV can be a rational portfolio management decision \u2014 not a failure.<\/p>

Latin America and the U.S. Offshore Channel: Liquidity Meets Opportunity<\/strong><\/p>

The secondary market’s growth is primarily a developed-market phenomenon in terms of transaction volume, but its implications extend directly to the U.S. offshore channel and to Latin America’s maturing private markets ecosystem. Several dynamics deserve specific attention.<\/p>

The Offshore Advisor and the Liquidity Problem<\/strong><\/p>

U.S. offshore advisors \u2014 the international desks of broker-dealers and private banks based in Miami, New York, Houston, and other financial centers \u2014 have spent the last decade expanding their clients’ exposure to private markets. That expansion was largely supply-driven: asset managers eager to tap the wealth channel brought semi-liquid vehicles, feeder funds, and structured notes to offshore platforms with increasing frequency, and advisors responded to client demand for yield and diversification that public markets could not reliably provide.<\/p>

The result is that a meaningful portion of client portfolios in the U.S. offshore channel now carries private markets exposure that was designed \u2014 by the issuer and, in many cases, by the advisor \u2014 as long-duration capital. For some clients, that duration fits their financial profile. For others, circumstances have changed: liquidity needs have emerged, portfolio concentration has grown, or the original investment thesis has evolved. The secondary market is the mechanism for addressing those situations, and offshore advisors who do not understand it are poorly equipped to serve clients who increasingly need it.<\/p>

The U.S. offshore market serves a client base \u2014 primarily high-net-worth Latin Americans who hold assets in the United States for diversification and safety reasons \u2014 whose relationship with illiquidity is complicated by geopolitical and currency risk at home. When domestic conditions deteriorate, as they periodically do across the region, the demand for portfolio liquidity is not hypothetical. It is urgent. An advisor who can access the secondary market on behalf of a client in that situation provides a service that goes beyond investment performance.<\/p>

Latin America’s Private Markets Ecosystem and the Secondary Opportunity<\/strong><\/p>

Latin America’s domestic private markets are in a distinct phase of development. Private equity and private credit activity in Brazil, Mexico, Colombia, Chile, and Peru has grown significantly over the past decade, driven by the emergence of local general partners with institutional-quality track records, the professionalization of the agente aut\u00f4nomo and independent advisory channel in Brazil, and regulatory frameworks \u2014 most recently Brazil’s CVM reforms and Colombia’s expanded fund rules \u2014 that have broadened the pool of eligible investors.<\/p>

According to J.P. Morgan Private Bank’s 2026 Latin America outlook, approximately 70% of Latin American high-net-worth individuals are now allocating capital to alternatives. A 2026 survey of regional investment professionals found that 60% plan to increase positions in private debt, 48% in private equity, and 41% in infrastructure. The domestic capital base supporting private markets \u2014 including pension funds (AFPs and FUNDOs), insurance companies, and family offices \u2014 is growing in scale and sophistication.<\/p>

Against this backdrop, a Latin American secondary market is beginning to emerge, though it remains nascent by global standards. Most secondary transactions involving Latin American private assets today are cross-border in structure \u2014 a Latin American LP selling a position in an offshore-domiciled fund to a U.S. or European secondary buyer, for example. But as the volume of locally domiciled funds grows and as Latin American institutional investors mature their portfolio management practices, a more developed regional secondary market is a foreseeable development, and the advisors and managers who build expertise now will be positioned to lead it.<\/p>

Capital Flows and the Portfolio Rebalancing Imperative<\/strong><\/p>

One specific dynamic affecting both the offshore channel and Latin American markets deserves attention: the impact of political and economic uncertainty on private markets portfolios. Capital flows to the U.S. offshore market are substantially driven by a desire to diversify away from domestic political and currency risk, a pattern well-documented by Cerulli Associates and others. When that uncertainty spikes \u2014 as it has periodically in Argentina, Brazil, Mexico, and other countries \u2014 client demand for liquid, repatriable assets increases sharply.<\/p>

Clients who have allocated to private markets through domestic structures face a structural mismatch in those moments: their safest offshore assets may be the most liquid, while their domestic private markets exposure is precisely the least liquid. Understanding how to navigate that mismatch \u2014 potentially through secondary sales of domestic positions or through structured liquidity solutions at the offshore level \u2014 is an increasingly important advisory competency in the Latin American and offshore wealth management context.<\/p>

Strategic Implications for Advisors and Asset Managers<\/p>

The secondary market’s maturation creates both opportunities and obligations for participants across the private markets distribution chain. Several strategic implications are worth drawing out explicitly.<\/p>

For Wealth Advisors and Private Bankers<\/strong><\/p>

Advisors need to develop working literacy in secondary market mechanics \u2014 not the deep specialization of a dedicated secondary fund manager, but enough understanding to identify when a client’s situation warrants a secondary-side conversation, and to engage intelligently with secondary specialists who can execute. That literacy should include: how continuation vehicles work and what the rollover-versus-exit decision involves; how to assess the pricing environment for LP portfolio sales; how semi-liquid vehicles handle secondary market exits relative to direct redemptions; and when a secondary sale is a better outcome for a client than waiting for a primary fund’s natural liquidation.<\/p>

For offshore advisors managing Latin American client portfolios, the secondary market conversation should be part of the standard toolkit for private markets portfolio construction \u2014 not a crisis response, but a planning tool. Building secondary access into the portfolio management framework from the initial allocation stage is meaningfully different from learning how to sell a position in distress.<\/p>

For Asset Managers and Product Issuers<\/strong><\/p>

Asset managers distributing private markets products through the wealth channel \u2014 whether in the form of evergreen funds, feeder structures, or structured notes \u2014 should be explicit with advisors and clients about the secondary market liquidity available for their products. Transparency about secondary pricing history, the existence of organized secondary markets for specific vehicle types, and the operational process for secondary transactions significantly reduces the information asymmetry that currently characterizes the wealth channel’s relationship with private markets illiquidity.<\/p>

Managers building distribution in the U.S. offshore and Latin American markets should also consider whether secondary access is a product feature worth developing proactively. Offshore clients who understand that a secondary exit path exists \u2014 even if it involves a discount \u2014 are meaningfully more comfortable making long-duration commitments than clients for whom illiquidity means a complete absence of exit options. Secondary liquidity, properly framed, is a competitive advantage in distribution.<\/p>

For Latin American General Partners<\/strong><\/p>

Latin American private equity and private credit managers looking to attract international institutional capital should understand that the presence or absence of secondary market infrastructure for their funds is a growing diligence factor for sophisticated allocators. The ability to offer LPs a credible secondary market exit \u2014 either through organized processes managed by the GP, or through established relationships with regional secondary specialists \u2014 improves the investability of Latin American private market funds for global investors who value portfolio flexibility.<\/p>

The most forward-thinking Latin American GPs are already thinking about continuation vehicles and LP liquidity solutions as tools for fund management rather than as contingency options. That posture is consistent with global best practice and positions managers favorably as the regional secondary market develops.<\/p>

Conclusi\u00f3n<\/strong><\/p>

The secondary market for private assets is no longer a specialized niche \u2014 it is a mainstream mechanism for managing private markets exposure across the full capital lifecycle. The $226 billion in 2025 transaction volume, the normalization of continuation vehicles as an exit path, and the emergence of the wealth channel as both buyer and seller of private assets mark a structural shift that advisors, asset managers, and family offices cannot afford to approach as observers.<\/p>

For participants operating across the United States, the U.S. offshore channel, and Latin America, the secondary market’s growth is directly relevant. Clients in the offshore channel hold private markets exposure that was built during a period of aggressive product distribution and will need managing over the coming years. Latin American family offices and institutional investors are increasingly sophisticated allocators facing real liquidity management challenges. And the domestic private markets ecosystem in the region is developing in ways that will eventually generate its own secondary market activity.<\/p>

The advisors and managers who build genuine competency in secondary markets \u2014 in how they work, how they price, and how to use them as a portfolio management tool \u2014 will be better equipped to serve the needs of clients across all three ecosystems. The secondary turn in private markets is not a trend. It is a structural feature of how sophisticated investors manage private markets portfolios in the current environment. Understanding it is foundational.<\/p>

Sources and References<\/strong><\/em><\/p>

  • Jefferies LLC. <\/strong>2025 Global Secondary Market Review: Another Record-Breaking Year. Jefferies Financial Group, January 2026. https:\/\/www.jefferies.com\/insights\/the-big-picture\/2025-global-secondary-market-review-another-record-breaking-year\/<\/em><\/p><\/li>

  • William Blair Private Capital Advisory. <\/strong>2026 Secondary Market Report. William Blair & Company, 2026. https:\/\/www.williamblair.com\/-\/media\/downloads\/ib\/2026\/williamblair-pca-secondary-market-report-survey-2026.pdf<\/em><\/p><\/li>

  • 2026 Private Markets Outlook for U.S. Wealth. BlackRock, Inc., 2026. https:\/\/www.blackrock.com\/us\/financial-professionals\/insights\/private-markets-outlook-for-wealth-advisors<\/em><\/p><\/li>

  • P. Morgan Private Bank. <\/strong>Latin America in 2026: Between Promise and Pressure, the Answer Is Optionality. J.P. Morgan, 2026. https:\/\/privatebank.jpmorgan.com\/latam\/en\/insights\/markets-and-investing\/ideas-and-insights\/latin-america-in-2026-between-promise-and-pressure-the-answer-is-optionality<\/em><\/p><\/li>

  • P. Morgan Private Bank. <\/strong>The New Frontier: 3 Themes Driving Alternatives in 2026. J.P. Morgan, 2026. https:\/\/privatebank.jpmorgan.com\/latam\/en\/insights\/markets-and-investing\/ideas-and-insights\/the-new-frontier-3-themes-driving-alternatives-in-2026<\/em><\/p><\/li>

  • Dechert LLP. <\/strong>GP-Led Secondaries and Continuation Vehicles Boost DPI and LP Liquidity Amid Fundraising Headwinds. OnPoint, November 2025. https:\/\/www.dechert.com\/knowledge\/onpoint\/2025\/11\/gp-led-secondaries-and-continuation-vehicles-boost-dpi.html<\/em><\/p><\/li>

  • Torys LLP. <\/strong>Secondaries in 2026: Continued Growth on the Horizon. Torys Quarterly, Q1 2026. https:\/\/www.torys.com\/our-latest-thinking\/torys-quarterly\/q1-2026\/secondaries-in-2026<\/em><\/p><\/li>

  • CAIA Association. <\/strong>The Continuation Vehicle Boom: Structural Shift or Liquidity Patch? Portfolio for the Future, February 2026. https:\/\/caia.org\/blog\/2026\/02\/11\/continuation-vehicle-boom-structural-shift-or-liquidity-patch<\/em><\/p><\/li>

  • Akin Gump Strauss Hauer & Feld LLP. <\/strong>2026 Perspectives in Private Equity: Bespoke Liquidity Solutions, Asset-Based Finance and GP-Led Secondary Transactions. Akin, 2026. https:\/\/www.akingump.com\/en\/insights\/articles\/2026-perspectives-in-private-equity-bespoke-liquidity-solutions-asset-based-finance-and-gp-led-secondary-transactions<\/em><\/p><\/li>

  • White & Case LLP. <\/strong>Unlocking Liquidity: How Secondaries and Continuation Vehicles Are Freeing Up the PE Exit Pipeline. Mergers & Acquisitions, 2025. https:\/\/mergers.whitecase.com\/highlights\/unlocking-liquidity-how-secondaries-and-continuation-vehicles-are-freeing-up-the-pe-exit-pipeline<\/em><\/p><\/li>

  • Cerulli Associates. <\/strong>Political Changes in Latin America Drive Asset Flows to U.S. Offshore Market. Cerulli Associates, 2025. https:\/\/www.cerulli.com\/press-releases\/political-changes-in-latin-america-drive-asset-flows-to-u.s.-offshore-market<\/em><\/p><\/li>

  • Latin Lawyer \/ Global Restructuring Review. <\/strong>Unlocking Opportunity: How Private Credit Is Reshaping Latin America’s Financial Landscape. Fifth Edition, 2025. https:\/\/latinlawyer.com\/guide\/the-guide-restructuring\/fifth-edition\/article\/unlocking-opportunity-how-private-credit-reshaping-latin-americas-financial-landscape<\/em><\/p><\/li>

  • Funds Society. <\/strong>Boom of Private Markets in Latin America: What Trends Are We Seeing? Funds Society, 2025. https:\/\/www.fundssociety.com\/en\/news\/alternatives\/boom-of-private-markets-in-latin-america-what-trends-are-we-seeing\/<\/em><\/p><\/li>

  • HarbourVest Partners. <\/strong>2026 Market Outlook. HarbourVest, 2026. https:\/\/www.harbourvest.com\/insights-news\/insights\/market-outlook-2026\/<\/em><\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

    \n\t\t\t\t
    \n\t\t\t\t\t\t\t
    \n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t\t\t\t\t

    Descargo de responsabilidad:<\/strong><\/p>

    1. This article is prepared for informational and educational purposes only. It does not constitute investment advice or a solicitation to buy or sell any security or investment product. Past performance is not indicative of future results. Information contained herein is based on sources believed to be reliable but is not guaranteed. This material is intended for professional and institutional audiences only.<\/em><\/li>
    2. \u2028<\/strong>El contenido de esta entrada del blog tiene \u00fanicamente fines informativos y no pretende ser un consejo de inversi\u00f3n, una oferta o solicitud de una oferta de compra o venta, ni una recomendaci\u00f3n, respaldo o patrocinio de ning\u00fan valor, empresa o fondo. La informaci\u00f3n proporcionada no constituye asesoramiento de inversi\u00f3n, asesoramiento financiero, asesoramiento comercial, o cualquier otro tipo de asesoramiento y usted no debe tratar ninguno de los contenidos como tal. LYNK Markets no recomienda que ning\u00fan valor sea comprado, vendido o mantenido por usted. Haga su propia diligencia debida y consulte a su asesor financiero antes de tomar cualquier decisi\u00f3n de inversi\u00f3n.<\/span><\/em><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

      Private Markets The Other Exit How GP-Led Secondaries and the […]<\/p>","protected":false},"author":4,"featured_media":130002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-130000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nPrivate Markets Liquidity: The Other Exit Through Secondaries - Lynk Markets<\/title>\n<meta name=\"description\" content=\"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lynkcm.com\/es\/private-market-secondaries-liquidity\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Markets Liquidity: The Other Exit Through Secondaries\" \/>\n<meta property=\"og:description\" content=\"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lynkcm.com\/es\/private-market-secondaries-liquidity\/\" \/>\n<meta property=\"og:site_name\" content=\"Lynk Markets\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=100089224225885\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-01T14:46:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-01T14:55:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"936\" \/>\n\t<meta property=\"og:image:height\" content=\"516\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniela Huertas\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CapitalLynk\" \/>\n<meta name=\"twitter:site\" content=\"@CapitalLynk\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniela Huertas\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#article\",\"isPartOf\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity\"},\"author\":{\"name\":\"Daniela Huertas\",\"@id\":\"https:\/\/lynkcm.com\/#\/schema\/person\/0067f7a613250e96e97072d0d95e522f\"},\"headline\":\"The Other Exit\",\"datePublished\":\"2026-06-01T14:46:29+00:00\",\"dateModified\":\"2026-06-01T14:55:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity\"},\"wordCount\":3993,\"publisher\":{\"@id\":\"https:\/\/lynkcm.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage\"},\"thumbnailUrl\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png\",\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity\",\"url\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity\",\"name\":\"Private Markets Liquidity: The Other Exit Through Secondaries - Lynk Markets\",\"isPartOf\":{\"@id\":\"https:\/\/lynkcm.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage\"},\"image\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage\"},\"thumbnailUrl\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png\",\"datePublished\":\"2026-06-01T14:46:29+00:00\",\"dateModified\":\"2026-06-01T14:55:03+00:00\",\"description\":\"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.\",\"breadcrumb\":{\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage\",\"url\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png\",\"contentUrl\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png\",\"width\":936,\"height\":516},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/lynkcm.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Other Exit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lynkcm.com\/#website\",\"url\":\"https:\/\/lynkcm.com\/\",\"name\":\"Lynk Capital Markets\",\"description\":\"One stop solution for portfolio strategies and alternative investments\",\"publisher\":{\"@id\":\"https:\/\/lynkcm.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/lynkcm.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/lynkcm.com\/#organization\",\"name\":\"Lynk Capital Markets\",\"url\":\"https:\/\/lynkcm.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/lynkcm.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2024\/02\/lynk-logo.svg\",\"contentUrl\":\"https:\/\/lynkcm.com\/wp-content\/uploads\/2024\/02\/lynk-logo.svg\",\"width\":1907,\"height\":1010,\"caption\":\"Lynk Capital Markets\"},\"image\":{\"@id\":\"https:\/\/lynkcm.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/profile.php?id=100089224225885\",\"https:\/\/x.com\/CapitalLynk\",\"https:\/\/www.linkedin.com\/company\/lynk-capital-markets\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/lynkcm.com\/#\/schema\/person\/0067f7a613250e96e97072d0d95e522f\",\"name\":\"Daniela Huertas\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/lynkcm.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/924dc788ae09b9d700e26f4752626b679d6f18003cc96674fc64139a4d93007a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/924dc788ae09b9d700e26f4752626b679d6f18003cc96674fc64139a4d93007a?s=96&d=mm&r=g\",\"caption\":\"Daniela Huertas\"},\"url\":\"https:\/\/lynkcm.com\/es\/author\/danihuertas\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Private Markets Liquidity: The Other Exit Through Secondaries - Lynk Markets","description":"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lynkcm.com\/es\/private-market-secondaries-liquidity\/","og_locale":"es_ES","og_type":"article","og_title":"Private Markets Liquidity: The Other Exit Through Secondaries","og_description":"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.","og_url":"https:\/\/lynkcm.com\/es\/private-market-secondaries-liquidity\/","og_site_name":"Lynk Markets","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=100089224225885","article_published_time":"2026-06-01T14:46:29+00:00","article_modified_time":"2026-06-01T14:55:03+00:00","og_image":[{"width":936,"height":516,"url":"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png","type":"image\/png"}],"author":"Daniela Huertas","twitter_card":"summary_large_image","twitter_creator":"@CapitalLynk","twitter_site":"@CapitalLynk","twitter_misc":{"Escrito por":"Daniela Huertas","Tiempo de lectura":"18 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#article","isPartOf":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity"},"author":{"name":"Daniela Huertas","@id":"https:\/\/lynkcm.com\/#\/schema\/person\/0067f7a613250e96e97072d0d95e522f"},"headline":"The Other Exit","datePublished":"2026-06-01T14:46:29+00:00","dateModified":"2026-06-01T14:55:03+00:00","mainEntityOfPage":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity"},"wordCount":3993,"publisher":{"@id":"https:\/\/lynkcm.com\/#organization"},"image":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage"},"thumbnailUrl":"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png","articleSection":["Uncategorized"],"inLanguage":"es"},{"@type":"WebPage","@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity","url":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity","name":"Private Markets Liquidity: The Other Exit Through Secondaries - Lynk Markets","isPartOf":{"@id":"https:\/\/lynkcm.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage"},"image":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage"},"thumbnailUrl":"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png","datePublished":"2026-06-01T14:46:29+00:00","dateModified":"2026-06-01T14:55:03+00:00","description":"Private market secondaries reached $226 billion in 2025. Discover how GP-led secondaries, continuation vehicles, and portfolio sales are transforming liquidity.","breadcrumb":{"@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/lynkcm.com\/private-market-secondaries-liquidity"]}]},{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#primaryimage","url":"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png","contentUrl":"https:\/\/lynkcm.com\/wp-content\/uploads\/2026\/06\/Post-010626-1.png","width":936,"height":516},{"@type":"BreadcrumbList","@id":"https:\/\/lynkcm.com\/private-market-secondaries-liquidity#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/lynkcm.com\/"},{"@type":"ListItem","position":2,"name":"The Other Exit"}]},{"@type":"WebSite","@id":"https:\/\/lynkcm.com\/#website","url":"https:\/\/lynkcm.com\/","name":"Lynk Capital Markets","description":"Una soluci\u00f3n integral para estrategias de cartera e inversiones alternativas","publisher":{"@id":"https:\/\/lynkcm.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/lynkcm.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/lynkcm.com\/#organization","name":"Lynk Capital Markets","url":"https:\/\/lynkcm.com\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/lynkcm.com\/#\/schema\/logo\/image\/","url":"https:\/\/lynkcm.com\/wp-content\/uploads\/2024\/02\/lynk-logo.svg","contentUrl":"https:\/\/lynkcm.com\/wp-content\/uploads\/2024\/02\/lynk-logo.svg","width":1907,"height":1010,"caption":"Lynk Capital Markets"},"image":{"@id":"https:\/\/lynkcm.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=100089224225885","https:\/\/x.com\/CapitalLynk","https:\/\/www.linkedin.com\/company\/lynk-capital-markets\/"]},{"@type":"Person","@id":"https:\/\/lynkcm.com\/#\/schema\/person\/0067f7a613250e96e97072d0d95e522f","name":"Daniela Huertas","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/lynkcm.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/924dc788ae09b9d700e26f4752626b679d6f18003cc96674fc64139a4d93007a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/924dc788ae09b9d700e26f4752626b679d6f18003cc96674fc64139a4d93007a?s=96&d=mm&r=g","caption":"Daniela Huertas"},"url":"https:\/\/lynkcm.com\/es\/author\/danihuertas"}]}},"_links":{"self":[{"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/posts\/130000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/comments?post=130000"}],"version-history":[{"count":4,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/posts\/130000\/revisions"}],"predecessor-version":[{"id":130005,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/posts\/130000\/revisions\/130005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/media\/130002"}],"wp:attachment":[{"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/media?parent=130000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/categories?post=130000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lynkcm.com\/es\/wp-json\/wp\/v2\/tags?post=130000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}