Private markets have engineered their way to liquidity — at a price
Continuation vehicles and secondaries have solved the distribution problem and created a valuation one.
Capital DeskPublished 25 days ago
The distribution drought that defined recent vintages has been substantially relieved by structures that allow managers to transact with themselves under supervision.
Limited partners have accepted this because the alternative was worse. They have also begun to price it, demanding independent valuation and genuine third-party price discovery.
The open question is what these structures do to reported returns across a full cycle. The first honest answer will arrive with the first genuinely bad vintage.
Drafted with AI assistance and reviewed by the Leaders & Impact editorial desk. Sourcing and factual assertion remain human-owned.