A crash course on private credit secondaries

Private credit has scaled to a $3.5 trillion asset class, according to a recent report from the Alternative Credit Council.

Private credit secondaries are one of the fastest-growing corners of the market, rising from $6bn in 2023, to $10bn in 2024, to an estimated $17bn+ in 2025 — a compound annual growth rate of over 70%. By 2025 year-end, the market had reached a staggering $20bn, as per a report from Evercore.

Understanding how private credit secondary transactions work is becoming increasingly important as the market matures. That's why we've created a five-lesson crash course on private credit secondaries.

We’ll cover:

• The basics
• Understanding LP-led vs GP-led transactions
• Pricing and valuation
• Documentation, structuring and the legal mechanics
• The future of the market

The course is curated by our private credit team, drawing on years of market coverage and analysis to provide a practical guide to one of the most dynamic and fast-evolving areas of private capital.