Davis Polk partner Sijia Cai was featured in an Informa Connect video interview discussing the private credit secondaries market. In the interview, Sijia discusses why credit secondaries are emerging as a critical liquidity solution and why the gap between primary market growth and secondary market adoption may represent one of the most compelling opportunities in private markets today.

“The private credit market is around $2 trillion today, while credit secondaries are only about 1% of that, so there is significant white space for continued growth,” Sijia explained.

Discussing the future of private credit secondaries, Sijia said, “Overall, what we will see is continued adoption and uptake of secondaries and continuation funds as a liquidity management solution and as a tool to optimize portfolios across all asset classes. I do think that we will continue to see specialization; I do think that we will see folks differentiate themselves by focusing on specific sub asset classes and sub strategies. We’ve already begun to see that in both equity and credit, and I do expect that to continue.”

When asked about key takeaways, Sijia noted, “If investors and GPs are looking at their portfolios, they should always be thinking about secondaries as a potential solution to any needs or requests that they might have at the moment.”

“Sijia Cai, Davis Polk, on the rise of private credit secondaries in North American capital markets,” Informa Connect (March 31, 2026)

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