While geopolitical uncertainty and macroeconomic conditions have recently caused headaches globally, these circumstances have also created a tailwind for the LP-led secondaries market. Uncertainty in the market causes a drop in M&A and IPO activity but conversely pushes more sellers into the secondaries market.

Recently, corporate Partner Galen Lewis, took part in Secondaries Investor’s Second Thoughts podcast alongside founder and chief executive of Pomona Capital, Michael Granoff. In a wide-ranging discussion they touched on issues affecting the LP-led market and drivers of underlying deal volume; regulatory developments; the rise of 40 Act capital; and new market entrants. Galen also weighs in on how distress creates additional volume in the secondaries market.

The Second Thoughts podcast focuses on private markets’ burgeoning secondaries market which is offering liquidity to its underlying illiquid asset classes.