LP Led Secondaries – the private market ETF equivalent?
Buying second-hand can be a good idea, not only for vintage cars and watches. Accessing opportunities in private markets without betting the bank on a few concentrated positions or being crushed by fees can be challenging for smaller investors, given high minimum tickets, limited transparency, and administrative burdens. Our article explores so-called LP Led Secondaries, investments in well-diversified portfolios of pre-owned funds, typically purchased at significant discounts, especially this year.