Most PE Investors Fear Cash is Stuck in ‘Zombie’ Funds

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.

Kim Henriksson will step down after nearly eight years in the role and transition to senior advisor.

The alternative asset industry’s long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.