After several years of growing attention, the secondary private equity market is in a new phase, one defined less by dislocation and more by competition.

In this episode of The Wealth Enterprise Briefing, Michael Zeuner, managing partner, sits down with Deputy CIO Matt Farrell to examine what's changed in 2025 and how families should evaluate current opportunities more selectively.

They break down how the market functions, where pricing pressure is showing up and why supply-demand imbalances are no longer tilting entirely in the buyer's favor. Matt explains that "...the ultimate return of the secondaries fund is a function of a discount for whatever you paid," which helps explain why thoughtful asset selection, manager discipline and caution around discounted deals matter so much.

Key topics include:

How secondary transactions are structured and priced
What drove activity in 2022 and 2023
Why discount levels are compressing in 2025
Where deal size and seller profile still create value gaps
The importance of asset selection and pacing

As capital continues to chase opportunity, Michael and Matt explain why discipline, selectivity and patience remain essential in this part of the market.

If this episode raised questions about your family's approach to private investing, we welcome the opportunity to talk further, so please contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Understanding Today’s Secondary Market: 2025 Trends & Opportunities

The Wealth Enterprise Briefing