Davis Polk partner and Investment Management practice head Leor Landa and partner Sijia Cai were featured in Private Debt Investor discussing the growth of private credit secondaries funds.

Speaking about the key drivers of this growth, Leor said, “Generally, the secondaries market follows the primary market in terms of growth … We have seen a private credit explosion over the past decade that is now being mirrored in private credit secondaries market growth.”

When asked what the private credit secondaries landscape might look like in two years, Sijia noted, “We expect GP-led transactions to become more prevalent and to represent a larger slice of the overall private credit secondaries market over the next few years.”

“We also expect to see more market participants entering credit secondaries,” she added.

Discussing the current fundraising climate, Leor said, “Markets gravitate to where there is opportunity. Broadly, fundraising has been pretty subdued for the last few years, but the secondaries space has been one of the bright spots. I think that is because the opportunity set is strong there.”

“Credit secondaries funds poised for growth,” Private Debt Investor (April 30, 2025)

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