#secondaries

#secondaries

Private equity liquidity has become a more active topic as we enter 2026, reflecting investors' close attention to cash flows, distributions, and portfolio construction. One clear signal is the pace of secondaries growth as their volumes continue to increase. Volumes reached USD 226 billion in 2025, a 41% increase compared to the previous year. The market tends to rely on two main structures, depending on the type of liquidity required. LP secondaries are the simplest structure.

Ricardo Santos for BI Business Insider's Rising Stars of Wall Street hold important yet complex jobs. We asked them to break down what they do in a way anyone could understand. See top responses from Rising Stars at firms like Blackstone, Moelis, and Goldman Sachs. Credit solutions, secondaries, private capital advisory. Business Insider's Rising Stars of Wall Street have impressive but complicated jobs. This year's list features investors, traders, and dealmakers working in the hottest finance fields, from private lending to data center mergers.