Market Analysis
The Secondaries Boom Has a Pricing Problem Nobody Is Talking About
Everyone in private equity is celebrating the secondaries market right now, and I think that celebration is premature. The headline numbers look great: Adams Street closed a fund north of $5 billion,...
Jeff Barnes, MBA··9 min read
Private Equity
Private Equity Secondaries Hit $226-240B in 2025: What the Discount-to-NAV Data Really Shows
TL;DR: The private equity secondary market hit a record $226 billion to $240 billion in 2025, up 41% to 48% year over year, depending on whether you trust Evercore's or Jefferies' count. Roughly half...
Jeff Barnes, MBA··12 min read
Regulatory & Compliance
SEC Probes Continuation Vehicles: What Accredited Investors in GP-Led Funds Must Know Now
TL;DR — What You Need to Know The SEC is actively investigating continuation vehicles (CVs) for conflicts of interest, valuation manipulation, and inadequate LP disclosures. This is not a future risk;
Jeff Barnes, MBA··10 min read