Sounds like Starwood investors get improved liquidity & flexibility on the total portfolio through a capped fixed rate solution ringfenced to something like 20% of the portfolio.
What does preqin mean by "CV investors"? Are they categorizing secondary funds as FoF or asset managers? Are they looking through to secondary LPs? Is it just the existing LP roll and are new coinvestors included?
Interesting recent moves by Vanguard. Wonder where it will lead - a better or worse situation for your typical investor? Guess we'll see how it pans out...
The 26% standoff is the retail-wrapper version of a trade private equity already built a workaround for. Secondaries did $120 billion in the first half of 2026, 20% above the previous record, and continuation funds were 86% of GP-led volume, per PitchBook on 21 July. That is a discount getting cleared in a venue where the GP sits on both sides and sets the mark, rather than in an open bid. Non-traded BDC holders have no equivalent. They face a gate and a published NAV, and the only exits are wait or take the haircut in public. So I would read the absence of sellers at 26% less as conviction in the mark and more as the absence of a structure that lets anyone take the discount quietly.
These are the best digests on private markets.
I wonder if the Vanguard move can be related to BlackRock s Alladin
Private Credit is what I’m keeping my eyes on now.
Investors are exiting these Funds even if they have to take a haircut.
Sounds like Starwood investors get improved liquidity & flexibility on the total portfolio through a capped fixed rate solution ringfenced to something like 20% of the portfolio.
What does preqin mean by "CV investors"? Are they categorizing secondary funds as FoF or asset managers? Are they looking through to secondary LPs? Is it just the existing LP roll and are new coinvestors included?
Interesting recent moves by Vanguard. Wonder where it will lead - a better or worse situation for your typical investor? Guess we'll see how it pans out...
No sellers at a 26% haircut is conviction — or captivity dressed as conviction.
The 26% standoff is the retail-wrapper version of a trade private equity already built a workaround for. Secondaries did $120 billion in the first half of 2026, 20% above the previous record, and continuation funds were 86% of GP-led volume, per PitchBook on 21 July. That is a discount getting cleared in a venue where the GP sits on both sides and sets the mark, rather than in an open bid. Non-traded BDC holders have no equivalent. They face a gate and a published NAV, and the only exits are wait or take the haircut in public. So I would read the absence of sellers at 26% less as conviction in the mark and more as the absence of a structure that lets anyone take the discount quietly.