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Why this boom?
Several factors explain this dynamic:
- Increased accessibility, thanks to lower admission prices;
- Regular subscription windows, usually monthly;
- Periodic liquidity, often quarterly;
- Continuous reinvestment of distributions;
- Better cash flow management.
These characteristics strike a balance between long-term exposure to unlisted securities and operational flexibility.
The structuring role of secondary strategy
Within Evergreen structures, the secondary strategy plays a central role.
By investing in pre-established portfolios, it allows:
- Greater visibility on underlying assets;
- A potentially shorter liquidity horizon;
- Immediate diversification (geography, sectors, vintages).
In an environment marked by a slowdown in distributions in recent years, the secondary market is a preferred tool for meeting institutional investors' liquidity needs while maintaining their exposure to the asset class.
A market still in its expansion phase
Estimated at around $200 billion in 2025, the secondary market still represents only a fraction of the primary private equity market. Its growth potential remains significant, particularly with the development of Evergreen solutions.
To explore these issues in greater depth—structural changes, liquidity management, market outlook—the full interview with Briac Houtteville, Managing Director at Future Standard, is available.
*Source: PitchBook Analyst Note & Global Trustco Market Insight
Source: Evercore – 2025 Secondary Market Report
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