Most secondary activity involves:

• Buyout funds, often called LBO or simply Private Equity funds
• Venture capital funds, from early stage through to growth
• Real assets funds, typically infrastructure but including real estate, energy and natural resources
• Private credit funds across a range of risk appetites from senior secured to special situations

Investors use the secondaries market to actively manage their private equity portfolios. Common reasons include:

• Generating liquidity without waiting for fund maturity
• Reducing exposure to specific managers, vintages, or sectors
• Meeting regulatory or allocation requirements
• Rebalancing portfolios in response to market shifts