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The Secondary Market for Private Equity Fund Interests: From Tactical Liquidity to Structural Infrastructure
For most of its history, the Private Equity secondary market was viewed as a niche, reactive segment of the broader alternatives ecosystem. It existed primarily to solve problems: distressed sellers, regulatory constraints, or forced portfolio rebalancing. Two decades later, that perception is obsolete. Today, the secondary market for LP interests has become a structural component of private markets, providing liquidity, price discovery, and portfolio management flexibility at scale.