Davis Polk partner Chris Healey was featured on Secondaries Investor’s Second Thoughts podcast discussing the relationship between evergreen funds targeting private wealth capital and secondaries. 

He was joined by fellow guests Partners Group’s Philip Hess and Lexington Partners’ Taylor Robinson. The three of them highlighted how firms invest these vehicles alongside blind-pool flagship funds; the growing role of evergreen capital in the GP-led market; what lessons recent volatility in credit evergreen vehicles may hold for managers operating on the secondaries side of the market; secondaries volume; and more.

“There was a really notable uptick in 2025 in the launch of retail secondaries products in the US. Usually, we’re seeing one-to-two per year over the last five years and that shot up to nine or ten last year, and notably that was a trend across other private market asset classes,”

Chris said. “…You saw across investment strategies, a dramatic pickup in fund formation for retail vehicles including secondaries and, in particular, on the secondary side the fundraising environment I think was very favorable last year for retail.”

“The evergreen effect: Secondaries’ newest investors,” Secondaries Investor’s Second Thoughts podcast (June 1, 2026) 

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