Pauline highlights that LPs now proactively use the secondary market to rebalance portfolios, manage allocations and optimize exposure. This structural change, combined with recent liquidity constraints across private markets, continues to support strong growth in transaction volumes. She observes that secondary market activity is now expanding beyond private equity into private credit, infrastructure, real estate and venture capital.

Pauline emphasizes that across both LP-led and GP-led transactions, LGT Capital Partners consistently focuses on acquiring high-quality assets at attractive entry points. LP portfolios can offer additional diversification across vintages, managers and asset types, while also providing the potential for earlier liquidity.

As a truly global organization operating in Europe, the US and Asia, LGT Capital Partners identifies attractive opportunities globally, for example with sellers located in one region and the assets in another. Looking ahead, Pauline believes that disciplined underwriting remains critical, especially in a rapidly changing environment. Additionally, she highlights the importance of understanding asset quality, as high discounts alone will not yield high returns.

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