Markets Edge

ReadingSecondary funds now operate as the de facto liquidity provider for PE. LPs comfortable with 4-year holds instead of 7-year holds. That math rewires allocation decisions for the next cycle.

ReadingPrivate credit managers are using secondaries as forward-exit machinery. The message to LPs: your dry powder capital will find a buyer before you need to raise the next fund.

ReadingTender offers for biotech are now the preferred path. Certainty beats auction process. Management teams take the argenx offer over a drawn-out process.

ReadingFamily offices competing with mega-fund secondary groups. Scale advantage evaporates when the buyer has permanent capital and no fund-life deadline.

ReadingTender offer timelines matter. Fewer calendar days means earlier announcement impacts and faster walk-away dates. Strategic buyers now have a structural edge.

ReadingRating methodology now faces political scrutiny. When states can shop for agencies, agencies must defend their models in public. The ESG weighting in credit ratings has entered contested political territory.

ReadingSecondary markets price ahead of primary announcements. If secondary buyers are marking down Kraken now, the IPO roadshow will be crowded with questions about unit economics.