HarbourVest Partners

Why are investors increasingly adding secondaries to their private markets portfolios? Here we examine five potential advantages of private equity secondaries and the role they can play within a broader investment strategy.

AI disruption. Higher rates. Geopolitical fragmentation. Credit stress. The forces shaping private markets are arriving at once, but outcomes will depend on far more than the macro backdrop. The macro may set the storm, but asset-level decisions determine the outcome.

The discount has become a common shorthand for private equity secondaries, but it tells only part of the story. While discounts are one feature of secondary investing, asset quality can be just as important when evaluating outcomes.

The secondary market reached a record $225 billion in transaction volume in 2025. What’s driving this growth—and what’s next for the market? In this Q&A, Valérie Handal, Managing Director in our secondaries team, shares insights on the key trends shaping today’s secondaries landscape, from liquidity dynamics and pricing to continuation vehicles and expanding participation across private markets.

Evergreen funds offer flexibility—but liquidity isn’t as simple as it sounds. In our latest article, we explore how evergreen liquidity really works, the trade‑offs investors should understand, and why disciplined portfolio construction and experience matter—especially in uncertain markets.

When we first framed the seven sins of evergreen investing, the goal wasn’t provocation — it was discipline. Recent market dynamics have only reinforced why these frameworks matter. From capital concentration and valuation governance to liquidity planning and fundraising pace, we believe what’s being tested isn’t the evergreen structure itself, but the practices within it. The lessons are becoming clearer — and more relevant by the day.