Davis Polk partner and Investment Management practice head Leor Landa was quoted in Mergermarket discussing the outlook for GP-led secondaries in 2026.

The article highlighted that although GP-led secondaries activity surged to record levels in 2025, there is a notable supply and demand imbalance due to more potential deals than capital available.

Noting the importance of overcoming this capitalization challenge, Leor said, “These markets have room to grow by multiples in the years ahead, and the speed of that growth will depend on how quickly capital flows in.”

“GP-led secondaries have become mainstream, used by top managers for their largest and highest-performing assets, and there is no reason for that trend to end,” he added.

“North American secondaries surge even as exit market recovers,” Mergermarket (January 8, 2025) (subscription required)

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