Christopher Witkowsky and Rod James

Single-asset deals remain a popular way for GPs to deliver liquidity back to LPs in older funds without having to fully exit an investment.

Many managers have concluded they don’t want to lose out on future growth of assets they’ve developed over a number of years, and continuation funds provide a structure to make that happen.

As secondaries has exploded in popularity over the past few years (reaching a record volume level last year of about $130bn), the growth of the talent pool has not kept up.

GP-led deals drove secondaries volume to record levels last year, reaching more than an estimated $134bn.