24th March 2026

Secondaries come of age as liquidity strategy moves to the core

Private market secondaries have entered a new phase of structural growth, reshaping how investors manage liquidity and portfolio construction. Record transaction volumes and shifting LP behaviour signal that secondaries are now a core feature of private markets. In this article, Andrew Dillon, Head of Funds, Commercial Europe and Middle East at Vistra Fund Solutions, explores why sustained demand, rising scrutiny and operational complexity are redefining the competitive landscape, and why data quality and governance are becoming critical differentiators.