Executive Summary
Secondaries are riding a wave of expansion: global deal volume broke $200bn in 2025 – a new high-water mark – and the growing use of LP and GP-led transactions to meet strategic investor objectives is cementing secondaries as a core component of private markets.
At Coller Capital’s latest investor meeting in November 2025, we invited the following secondaries specialists, including senior leaders on our investment team, to discuss what made 2025 a remarkable year in secondaries.
- Hani El Khoury, Partner, Investment at Coller Capital
- Josh Lowe, Principal, Investment at Coller Capital
- Katrina Liao, Partner, Investment at Coller Capital
- Michael Schad, Head of Coller Credit Secondaries
- Nigel Dawn, Senior Managing Director, Global Head of the Private Capital Advisory Group at Evercore
- Paul Lanna, Partner, Investment at Coller Capital
- Peter Kim, Head of Asia at Coller Capital
While no one can predict the future with certainty, these industry practitioners also offered an outlook for the secondaries market in 2026. We are pleased to present their insights and key takeaways.
Jeremy Coller
Chief Investment Officer and Managing Partner
When I founded Coller in 1990, secondaries transaction volume was just a few million dollars. In 2025, we’re on track to exceed $200bn for the very first time. Now more than ever, people recognise the potential in secondaries.
Jeremy Coller
Chief Investment Officer and Managing Partner