Glossary · alternatives
Secondaries
Also known as: PE secondaries, secondary market
- Definition
- Secondaries refers to the trading of existing limited-partnership interests in private-market funds (PE, VC, real estate) before the fund's natural wind-down. Provides liquidity to LPs and known-asset entry for buyers, typically at 5–25% discount to NAV.
Secondaries market grew to US$130bn+ globally in 2024. Specialist managers include Ardian, Lexington, HarbourVest, Coller Capital. JP Morgan Private Bank runs a deep PE secondaries platform that is a flagship offering at the UHNW tier. Secondaries reduce J-curve effects and shorten effective holding periods vs primary PE commitments.
Related
Looking for the full picture? See our deep-dive pages on Singapore private banking, family office Singapore, and the full glossary index.