No ‘Pencils Down’ in Secondaries, Despite Tariff Shocks

Confidence in the secondary market remains high-even if trade-related uncertainty remains-with investors saying they are "still open for business" and that they "won't be going pencils down."

In its latest report, William Blair's Private Capital Advisory team outlines the state of secondaries, which are still characterized by investors with a strong appetite for deployment.

Key takeaways include:

• Tariff-specific dynamics affecting secondary investor's underwriting
• Pressure to deploy and an improving buyer market driving LP-led activity
• Concentrated GP-led opportunities expected pace the market in the post-tariff market