How secondaries are reshaping fund operations

A sponsored episode of PEI Private Equity Spotlight in which Patrick Krajci, head of private equity for North America at Alter Domus, speaks with private markets journalist Nicholas Neveling about what the secondaries boom means for day-to-day fund operations. The discussion covers what managers considering a continuation vehicle, or launching a secondaries strategy, need to weigh alongside their CFOs and finance teams, from investor elections to capital calls. It also looks at how managers and fund administrators are using technology to prepare their operations.

1. The description cites Evercore figures showing secondaries transaction volume hit a new high of $121 billion in H1 2026, after exceeding $200 billion for the first time in full-year 2025.
2. Secondaries funds raised about $156 billion last year, according to data from PEI Secondaries Investor.
3. GP-led transaction volume alone surpassed $100 billion last year, as more sponsors consider continuation vehicles to extend hold periods and deliver liquidity to LPs amid a challenging exit landscape.
4. The conversation covers operational considerations including investor elections and capital calls, and how managers and fund administrators are using technology to future-proof operations.