Secondaries 2.0

As private assets swell inside family-office portfolios, Secondary Markets have risen in importance.

As private assets swell inside family-office portfolios, the question is no longer if you can exit—but how quickly and on whose terms. GPFO’s Family Office Secondaries Forum, hosted at the London Stock Exchange on 24 April 2025, offered a first look at the tools, structures and regulations that could reshape the secondary landscape.

Session Chair: Ben Palairet
Forum Speakers:

• Tom Simmons & Mark James — London Stock Exchange

• Thomas Moyse — Carmignac, Evergreen PE Secondaries Firm

• Sam Lawson — Flywheel Capital, VC Secondaries Firm

• Daniel Jacoel — Oakview Family Office

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The Market Moment: Why Secondaries Matter Now

Industry volumes have jumped from $150bn to a projected $250bn in just two years, yet barely 2% of private-equity AUM changes hands each year—versus 120% annual turnover in public equities. The current secondaries market has significant inefficiency, whilst this is an opportunity for many it is not a characteristic of a mature market. Investors want speed; companies want privacy; regulators want safeguards. The London Stock Exchange’s forthcoming Private Securities Market (PSM), under the new PISCES regulations, claims to square that circle.

“For the first time, it will allow private companies…to provide liquidity for their shareholders whilst remaining private.” — Tom Simmons, London Stock Exchange

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“This venue is company-led…with auctions that cater for different scales of company and investor ambition.” — Mark James, London Stock Exchange

Early adopters are late-stage unicorns and “deca-corns” seeking a bridge to IPO—or a permanent alternative.

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Whilst the PSM seeks to create more transparent market mechanisms the other participants have established themselves within different niches within the secondary market. For more information on the Private Securities Market and to register your interest please follow this link.