The lack of mark-to-market valuation in unlisted securities and the asset classes' high expected returns can induce a dangerously blasé attitude towards cost and risk management. Public market investors holding concentrated positions are likely to quickly learn the hard way what it means to experience 40\% or 50\% volatility. Still, in private markets, they may sit on a concentrated portfolio of single asset club deals or specialized Private Equity funds with 5 or 10 positions for years without seeing its fragility.

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• Illiquid alternatives have gone mainstream even among investors who lack the resources of the large endowments that pioneered them.

• This raises the question of how capital and resource-constrained institutions and individuals can construct diversified private market portfolios most effectively.

• Traditionally, funds of funds have been the most prevalent response, but they continue to be a costly solution.

• In our second Private Market Primer, we are, therefore, providing an introduction to LP Led Secondaries and illustrating why we consider this growing corner of the market a very compelling core building block, in particular during the initial ramp-up of an alternative investment program.