Join senior editor Adam Le, Hong Kong Bureau Chief Alex Lynn and America's correspondent Hannah Zhang in our end of year Private Equity Spotlight episode looking back at the biggest trends in the PE market in 2025.

From tariffs to trade wars, semi-liquid funds to the 401(k) opportunity and the resurgence of China, our editorial team dissects how LPs and GPs navigated various challenges and which developments are likely to spill over into 2026.

In this episode, senior reporter Carmela Mendoza sits down with Sabina Comis, global managing partner, and Kenneth Young, a partner and co-chair of the corporate and securities practice at Dechert, to unpack key findings from the law firm's 2026 Global Private Equity Outlook.

The survey results, gathered from 100 senior-level executives at global PE firms with at least $2.5 billion in AUM, highlight creative deal structures and the importance of distributions for LPs. The results provide insight into where the asset class may be heading in the next 12 months.

The discussion centres on the gradual thawing of traditional exit channels. The pair outline the most promising opportunities for capital deployment in 2026.

The episode also explores why more GPs plan to make management stake divestitures in the next 24 months and the regional differences behind them; how capital pools are developing to keep companies private for longer; and why future product design of semi-liquid funds could address concerns around valuations.

This episode is sponsored by Lexington Partners, LGT Capital Partners and Davis Polk and first appeared on Secondaries Investor's Second Thoughts podcast.

In 2024, GP-led deals hit a record of $71 billion in transaction volume, accounting for 44 percent of the total secondaries market volume of $160 billion, according to Evercore’s FY 2024 Secondary Market Review. This is significant and marks the increasing popularity of continuation vehicles as an exit route.

In this episode, Secondaries Investor senior editor Adam Le is joined by Lexington Partners’ Jeffrey Bloom, LGT Capital Partners’ Brooke Zhou and Davis Polk’s Leor Landa.

The trio explore how GP-led transactions have rapidly grown into a mainstream liquidity and portfolio-management tool, against a backdrop of constrained exit markets, rising LP demand for liquidity and increasing GP comfort with continuation vehicles.

They also examine market dynamics across deal sizes, noting the challenges of scaling mega single-asset vehicles and the significant untapped opportunity in the mid-market, where many GPs are still early in their GP-led journeys.

Brooke Zhou is a partner at LGT Capital Partners in Hong Kong, an investment committee member, and is responsible for origination, due diligence, execution and monitoring of Asian primary and secondary investments

Jeffrey Bloom is a partner on the secondaries team at Lexington Partners focused on the origination, evaluation and execution of continuation vehicle transactions

Leor Landa is a partner and head of investment management at Davis Polk

Adam Le is senior editor, EMEA, Private Equity Group, at PEI Group