Davis Polk partner Sijia Cai was featured in 9fin discussing the growth of private credit secondaries.

The article highlights that 2026 started off strong for the rapidly growing private credit secondaries market, which new data show has nearly doubled in volume over the past year. “The private credit secondaries market is exploding,” Sijia said.

Sijia notes that secondaries became a popular option due to economic downturn and their popularity is similar to private equity continuation vehicles a decade ago. “A lot of people thought that was just going to be something we pulled out of the toolbox if there was another recession, but it’s now just another tool in the GP’s toolkit,” she explained.

The article also mentions that private credit secondaries are still new and likely to lead to disputes over what is permissible. “All of the market terms are still being set. Pricing is hotly debated, and there’s a lot of deals yet to be done,” Sijia added. 

“The Unicrunch — The private credit pool is getting smaller as managers get bigger,” 9fin (February 2, 2026) (Subscription required)

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