Insights Featured in Private Equity International: Perspectives

In the Private Equity International Perspectives report, Pierpaolo Casamento, Head of Private Debt Secondaries at Tikehau Capital, charts the trajectory of private credit secondaries and the implications for investors.

Market Milestones

• Private markets secondaries may surpass $200bn in 2025, with private credit now ~10% of the total (up from a negligible share six years ago).
• GP-led private credit secondaries have expanded rapidly, rising from ~10% of our dealflow two years ago to roughly half today.

Why Investors are Paying Attention

• Secondaries can deliver immediate, broad diversification across thousands of underlying loans, multiple vintages, and sub-strategies offering index-like market access with the potential to buy at a discount.
• In credit secondaries, alpha is driven by pricing and risk diversification rather than loan picking.

Competitive Dynamics and Outlook

• Competition is intensifying as more managers enter the space, with pricing trends diverging between GP-led (near fair value) and LP-led transactions.
• Expect continued growth and greater specialisation.