LP caution, but secondaries is showing signs of life

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Our latest investor survey shows LPs reluctant to engage with credit secondaries – despite increasing signs of maturity in the market.

On the face of it, the private credit secondaries market still has a long way to go. In the 2025 version of our Perspectives study, a test of LP opinion, we found only 20 percent of respondents were planning to be active in the secondaries market this year (see chart). This was down on the number planning to do so in 2022 and 2023.