The $200 Billion Secondary Market | Chris Lawrence | Ep 63

The secondary market and its opportunities for emerging managers are examined with Chris Lawrence, an expert in the field. Lawrence explains that the secondary business is driven by the $13 trillion in the private market, with over $200 billion in secondaries transactions last year. He details the evolution of secondaries, from LP-led to GP-led, GP stakes, and credit secondaries, emphasizing the need for emerging managers to understand these options. Lawrence recounts launching Labyrinth 45 days before COVID-19, stressing pre-planning, project management skills, and honest self-assessment. He advises emerging managers to focus on relationship capital and to identify their strengths and weaknesses to build a lasting firm, highlighting the importance of transparency, integrity, and communication with investors.