Media coverage
SecondaryLink features insights from Martha Heitmann on continuation fund trends in Q2 2026
As GP-led continuation vehicle activity remains a key theme in the secondaries market, buyers are becoming increasingly selective in the opportunities they choose to support. In a recent conversation with SecondaryLink, Martha Heitmann, Partner at LGT Capital Partners, shared her perspective on deal flow, transaction quality and the outlook for the continuation vehicle market.
Commenting on trends in Q2 2026, Martha explained that processes most often stalled when due diligence revealed questionable asset quality or limited exit optionality, when valuation expectations exceeded intrinsic value or when sponsor and buyer incentives were not sufficiently aligned.
Looking at likely developments over the remainder of 2026, she said that she expects GP-led transaction activity to continue growing as sponsors hold assets for longer in an uncertain exit environment and also due to ongoing liquidity constraints for both GPs and LPs. However, Martha added that factors such as AI-driven pressure on software valuations, widening bid-ask spreads or a slowdown in secondary fundraising could alter this outlook.
Read the article (behind paywall) here.
