Davis Polk partner Sijia Cai was featured in a CapLink Group podcast along with Neuberger Berman’s Ben Perl discussing the future of the secondaries market.

Sijia noted how “underpenetrated the secondaries market is and how it is only one to two percent of the overall private equity market.”

“We’ve been trying to get that percentage to nudge up, but it’s been holding pretty steady for a few years now,” she said.

Discussing trends in the space, she said, “One trend that we have seen increasing and accelerating over the past 18 to 24 months is the rise of evergreen or permanent capital funds. They have been across-the-board raised in many different strategies and asset classes. In particular, there have been a number of secondaries-dedicated evergreen funds being raised.”

“Another huge trend we’ve seen is the expansion of secondaries into different asset classes and industries,” she added. “In addition to real estate, infrastructure [and] venture capital, one particular area of growth that we have seen very significant acceleration [in] is the private credit secondaries market.”

While talking about the current fundraising market, Sijia said, “One of the reasons why evergreen and permanent capital structures have been so attractive in recent months and years is that it has been a historically down fundraising market. It has been very difficult to raise capital.”

“Secondaries: What Does the Future Hold?,” CapLink Group (November 13, 2025)

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