October 2025

The October edition of The Alternative Investor is now out, featuring this month the record-breaking rise of the secondaries market, which reflects investors’ growing appetite for liquidity, innovation, and diversification across private markets.

• Multiplicity Partners’ Andres Hefti notes that liquidity remains concentrated in private equity, with non-PE assets still thinly traded — creating opportunities in overlooked, complex positions.

• Federated Hermes’ Sanjeev Phakey observes that the exit drought is spurring innovation: GP-led deals now account for around half of market volumes, while structured solutions (NAV financing, preferred equity) and permanent-capital vehicles are broadening liquidity and driving demand for specialist secondaries skillsets.

• Simmons & Simmons’ Daniel Faundez and Gugu Madonsela outline the LP sellers’ playbook: prepare documents early, engage a specialist broker, manage NDAs carefully, check transfer and consent limits, and negotiate SPAs early to minimise residual liabilities.

• CSC’s Jonida Vesiu highlights that secondaries are scaling fast through LP sales, GP-leds, and evergreen capital, with narrowing discounts and greater data standardisation paving the way for broader, more efficient market liquidity.

In Letter from America, Prosek Partners’ Mark Kollar discusses how the AI data centre boom is creating a trillion-dollar private credit opportunity, financing compute and power infrastructure.

While in our Op-Ed, New North’s Andrew Brown examines the role of litigation funding as a source of uncorrelated returns, where mid-sized claims can settle more quickly and diversify portfolios.

We close with our regulatory updates from RQC Group.