26
Jun
Secondaries and the rise of CVs: becoming mainstream
Private credit secondary deal activity has been growing steadily as more asset managers raise capital in the market and LPs search for liquidity options, and it is expected that demand for private credit secondaries will continue to outstrip supply. One such trend has been the emergence of large-scale private credit continuation vehicles in the market in light of volatile public markets, shifting market conditions and the increased need for long-term, stable returns. Our secondaries experts will break down the trends and outlook for this strategy.
- From niche to mainstream: what continues to drive growth in the private credit secondaries market in 2025?
- What are the factors have led to accelerated CV adoption across the private credit market?
- GP-led secondaries and LP-led secondaries: what unique investment opportunities can each of these strategies provide?
- Where do LPs see the best prospects for generating liquidity?
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SpeakersSijia Cai Partner Davis Polk
Stefan Singer Managing Director Alpinvest Partners
Benjamin Chapin Head of Liquidity Solutions Antares Capital
Chrissy Lamont Svejnar Partner Ares Management
Jonathan Leu Principal Coller Capital
Tod Trabocco Head of Private Debt Advisory StepStone Private Debt
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Sijia is a partner in Davis Polk’s Investment Management practice. Sijia advises fund sponsors on the formation and operation of investment funds in a variety of strategies and asset classes, including private equity funds, hedge funds, real estate funds, “hybrid” funds and debt funds. She also advises fund managers on fund-related aspects of M&A transactions, including deal structuring and co-investment arrangements.
Sijia represents fund sponsors and investors in connection with a broad range of complex secondary transactions – including continuation vehicle transactions, portfolio sales, tender offers, structured secondaries, synthetic secondaries and fund restructurings across various sectors.
She also advises fund sponsors on internal operations and firm management matters, including governance, compensation, succession planning and separation arrangements, as well as regulatory and compliance matters.
In 2024, Law360 named Sijia a “Rising Star” in fund formation and Secondaries Investor named her among the “Next Gen Leaders of Secondaries.”
Stefan Singer is a Managing Director on the Secondary and Portfolio Finance team focusing on the Portfolio Finance investments. He is based in New York.
Prior to joining Carlyle AlpInvest in 2024, Mr. Singer was most recently Country Head of Singapore at Zagga Investments. Previously, Mr. Singer built and led the Private Markets Financing Solutions business at J.P. Morgan, where he spent 18 years in a variety of capacities across Latin America, North America, and Asia, and was a key player in developing the bank‘s capabilities in NAV-based lending.
Mr. Singer received a BS in Engineering from Cornell University.
Ben is head of Liquidity Solutions with Antares Capital. He oversees the firm’s liquidity-focused strategies, including credit secondaries. Prior to his current role, Ben served as a senior originator at Antares. He began his career at GE in 2001 as part of GE’s Investment Analyst Program, where he conducted due diligence and performed field exams on current and prospective borrowers. He joined GE in 2006 after working on the GE Sponsor Finance Leverage finance team. Ben earned a bachelor's degree in finance from John Carroll University.
Jonathan Leu is an Investment Principal based in Coller Capital’s New York office.
Prior to joining Coller Capital in 2018, Jonathan was a Vice President in the Principal Finance team at Macquarie Group. Previously, he worked as an Associate in Credit at KKR.
Jonathan has a BA in Economics from University of Wisconsin-Madison.
Tod Trabocco, CFA is Head of Private Debt Advisory for StepStone Private Debt (part of StepStone Group), responsible for helping public and private pension plans, insurance companies, endowments and foundations build private credit portfolios through primary fund investments, co-investments and bespoke SMAs and sits on the Private Debt Advisory Investment Committee.