Accel-KKR

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.

As credit secondaries scale and GP-led continuation vehicles gain traction, the secondaries market is splitting in two—buyers still demand discounts from LP sellers, while trophy assets controlled by GPs increasingly clear at par or better.

CVs on CVs are gaining traction as the first wave of the vehicles are nearing end dates with no exit in sight, Carlyle discloses its secondaries "secret sauce" and first time CVs hit the market.