Decoding the Secondary Middle-Market: What It Means and Why It Matters
November, 2025
“Middle-market secondaries” are showing up in more manager pitchbooks—but what lies beneath the label?
As the term gains traction, its meaning has become increasingly blurred, for institutional investors, that can make it harder to evaluate strategies—and easier to miss what sets them apart.
In this piece, we unpack how different managers define this segment, why those definitions matter, and how thoughtful execution can turn complexity into opportunity.
Watch a preview video with our Chief Investment Officer Fred Pollock, and download the full piece below.
