In Alternative Views, Private Equity Wire® goes behind closed doors with those in the know to get the latest on private markets. In this episode we discuss the secondary market with Bosa Adeghe, a partner in the investment team at Coller EQT.
Swedish private capital firm EQT announced in August that it had closed on its acquisition of secondaries investor Coller Capital, in a transaction valued at up to $3.7bn, forming new subsidiary Coller EQT.
The deal comes at a time when secondaries are growing in popularity, with GP-led deals leading the way. According to data from Evercore, these transactions overtook LP-leds in H1 of 2026, with total volume reaching $65bn and $56bn respectively.
As well as being a means to hold onto price assets, secondaries are also becoming a vital liquidity management tool, as semi-liquid funds strain under pressure from rising redemptions. They sit alongside liquid cash and public equities as another way for funds to shorten durations and maintain cash flow.
Now that the market is keen to offload poorer performing assets, some secondaries investors might also be able to take advantage and secure cut-price deals. Partners Group has announced that it is splitting its private equity evergreen fund into an umbrella fund structure, divided between longer-duration assets struggling to deliver returns, and newer investments.
With Adeghe, we discuss GP-leds overtaking LP-leds (0:55); trophy-asset retention as the main driver of continuation vehicles (2:34); the reasons behind this (4:49) and the role of AI (7:40); using secondaries to meet liquidity challenges (9:57); and whether there are opportunities in discounted assets (13:18).
