‘Look up, there’s no glass ceiling’: State Street’s Hannah Grove

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.

Access to bank financing is becoming the defining factor separating winners from losers in the market.

EQT’s acquisition of Coller underscores how secondaries have become a strategic gateway to insurance capital as private markets evolve beyond traditional buyout fundraising.