Illiquidity, up until now a fundament feature of private markets, is being reframed. The maturing secondary market is providing a new tool for active management; allowing LPs to sell on a programmatic cadence and recycle capital into better vintages. Does this mean private allocations are moving towards similar treatment as liquid portfolios? What are the consequences for private markets in an allocation? Are there risks to long-term patient capital becoming more impatient?
