An Introduction to Private Equity Second...
Loutskina, Elena, ...
An Introduction to Private Equity Secondaries
Loutskina, Elena; LoMonaco, Nick
F-2123 | Published October 20, 2025 | 16 Pages Technical Note
Collection: Darden School of Business
Product Details
This technical note introduces readers to two types of secondary market transactions in the private equity space: limited-partner-led (LP-led) secondaries and general-partner-led (GP-led) secondaries. It explains the process of creating a continuation vehicle, outlines the key stakeholders involved, and highlights potential conflicts of interest among them. Finally, it describes the dynamic of the secondary market and the largest players in the space.
This technical note can be used to support any class that aims to explore private equity secondary transactions.
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