Private Equity’s New Liquidity Engine: Rapid Growth in Co-Investment Secondary Volume Is Serving Both Sellers and Buyers Well

Consider this fact: Last year, even as fundraising across private markets fell by roughly 17 percent, co-investment fundraising rose by more than 17 percent year over year to about $27 billion. That divergence is the clearest sign yet that co-investments have graduated from a novelty to a core allocation for LPs. And it brings with it a significant phenomenon: the emergence of a genuine secondary