Davis Polk partner and Investment Management practice head Leor Landa was featured on the Secondaries Investor’s Second Thoughts podcast discussing how the secondaries market has evolved to become more specialized and why the performance of continuation funds is key to the further growth and branching out of this part of the market.

“The market, if you go back 18 or 19 years ago was pretty fragmented, very inefficient, and it was basically buyers picking off sellers that needed liquidity. What we’ve seen as more capital and more talent has flooded the market over the last 10 years is a natural evolution,” Leor explained. “Things have evolved to be more sophisticated and specialized. I don’t see that slowing down anytime soon.”

Leor noted that the secondaries market is currently very robust. “We are seeing every type of deal across industries. We’re seeing a lot of variability in pricing and in products, and we’re seeing more fundraising in secondaries. It’s just active and healthy in a much broader way… One of the measures at Davis Polk that we look at, and we’re obviously reflective of the market is, how many matters do we have open, how many of our sponsor-side clients are actively looking and how many matters do our buy-side clients have active at the moment? We’re running right now close to double what I would view as our kind of normative numbers on both ends.”

“How specialised can the secondaries market get?” Second Thoughts (March 10, 2025) 

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