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Distressed investors are moving earlier, secondaries are becoming core infrastructure, and banks are racing into private markets as liquidity strains reshape the system.
Private equity is engineering new ways to manufacture liquidity, but investors are signaling that continuation vehicles can’t replace real exits forever.
Institutional investors shedding aging private-equity stakes are redeploying capital into smaller buyout funds, betting that the segment offers clearer exits than crowded megadeals.
Secondaries are no longer just an exit solution for institutions—they’ve become private equity’s front-line pitch to private wealth, reshaping how capital enters the asset class.
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.
A central provision of the INVEST Act is the overhaul of the accredited investor definition, which currently relies on outdated wealth and income thresholds.
December 12, 2025
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Companies that have filed for an IPO during the shutdown do not have to include a specific price in their documents reducing the amount of paperwork for the SEC to review.