Lazard

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.

Continuation vehicles are no longer a quiet liquidity fix as large LPs begin pushing back publicly and in court.

With traditional M&A and IPO windows still narrow, continuation vehicles and structured equity are filling the gap for both GPs and LPs.