Davis Polk partner Sijia Cai was featured on Secondaries Investor’s Second Thoughts podcast discussing how the private credit secondaries market has evolved, the fundamental differences as compared to private equity secondaries, and the factors driving the surge in GP-led credit secondary transactions. She was joined by fellow guests Dawson Partners’ Yann Robard and StepStone Group’s John Bohill.

The guests noted that institutions have turned to private credit looking for relatively stable returns, and how managers and LPs are looking to the secondaries market for liquidity as they manage their own portfolios. 

“Those have dovetailed together to create this tailwind behind private credit secondaries,” Sijia explained. “It has the best of both worlds in that it’s offering liquidity solution to people in a way that also mimics and has the stability and the yield and the returns of private credit.”

“Is credit secondaries having its ‘moment’?,” Secondaries Investor’s Second Thoughts podcast (March 12, 2026) 

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