This episode is sponsored by Partners Group, Lexington Partners and Davis Polk

As private wealth capital continues to flow into evergreen structures, this dry powder is having an immediate impact on secondaries volume. While estimates on just how much evergreen capital is moving into the market vary, industry participants view it as a growing force within secondaries.

In this episode, Secondaries Investor’s editor Madeleine Farman is joined by Partner’s Group’s Philip Hess, Lexington Partners’ Taylor Robinson and Davis Polk’s Christopher Healey to explore the relationship between evergreen funds targeting private wealth capital and secondaries. Getting granular, they discuss how firms invest these vehicles alongside blind-pool flagship funds; the growing role of evergreen capital in the GP-led market; what lessons recent volatility in credit evergreen vehicles may hold for managers operating on the secondaries side of the market; and much more.

Philip Hess is head of business development, private equity secondaries, primaries and co-investment at Partners Group

Taylor Robinson is a partner on the secondary team at Lexington Partners

Christopher Healey is a partner, registered funds and asset management M&A, at Davis Polk

Madeleine Farman is editor of Secondaries Investor

In a market shaped by slower exits and macro uncertainty, infrastructure secondaries is increasingly viewed as a defensive investment strategy as LPs seek stable cashflows and downside protection.

Infrastructure secondaries saw approximately $9.5 billion of deployment in 2025, including around $5.5 billion across LP-led transactions, according to Evercore's 2025 Secondary Market Report. Among non-buyout strategies, only credit secondaries saw higher deployment volumes at roughly $20 billion last year.

In this episode, Americas correspondent Hannah Zhang is joined by Wandy Hoh, head of secondaries and co-investments at Macquarie Asset Management, and Jeremy Duksin, co-head of the GP Solutions Group at Baird.

The discussion explores the forces behind the rise of infrastructure secondaries, including LPs' growing demand for defensive assets, the expansion of GP-led transactions, and the favourable dry powder dynamics fuelling the market's continued growth.

How is market sentiment shaping secondaries fundraising and deal activity?

In this episode of PEI Group’s Data Dive podcast, PEI’s senior content producer, Evie Rusman, is joined by Secondaries Investor editor Madeleine Farman and PEI head of special projects for private equity Louise Fordham to discuss the findings from the Secondaries Investor Global Market Survey 2026. The survey, conducted in partnership with Goodwin, polled LPs, GPs, secondaries buyers and the intermediary community about market trends, transaction processes, deployment issues, regulation and more.

PEI’s new Data Dive miniseries digs into our proprietary data, surveys and rankings, as well as recent market data sets, to understand what investors and fund managers are thinking, where capital is moving and how private markets are evolving.

Read the full coverage of the Secondaries Investor Global Market Survey 2026 here. Download a data pack of the findings discussed in the podcast episode here.