Secondaries Advisory
Liquidity solutions for investors and managers in private market funds
Alternative investments were built for long-term capital. But investor needs evolve.
PTB helps investors and managers unlock liquidity through structured secondary transactions.
About
The secondary market for alternative investments has evolved into one of the most important liquidity mechanisms in private markets. Institutional investors, family offices, and wealth platforms are increasingly seeking flexible solutions to rebalance portfolios, return capital to stakeholders, or extend ownership of high-performing assets.
At the same time, general partners are using GP-led secondaries and continuation vehicles to provide liquidity to existing investors while maintaining ownership of their strongest assets.
PTB advises both limited partners and fund managers on navigating this rapidly growing market. We structure and run competitive processes designed to maximize value, identify the right counterparties, and execute transactions efficiently.
Our role is to bring institutional-grade capital markets expertise to transactions that require discretion, speed, and deep relationships across the secondary buyer universe.
Our Services
Liquidity Solutions for Limited Partners
We advise LPs seeking liquidity for positions in private market funds and other alternative investments.
Services include:
Portfolio assessment and liquidity strategy
Valuation guidance and market positioning
Running competitive secondary sales processes
Identifying and engaging targeted secondary buyers
Negotiating transaction terms and execution
Our goal is to maximize price while minimizing time to liquidity.
Competitive Secondary Sale Processes
We design and manage structured marketing processes to create competition among buyers. Our process includes:
Buyer universe mapping across institutional secondary funds, family offices, and strategic buyers
Confidential marketing materials and positioning
Targeted outreach to qualified buyers
Managing bids and negotiating terms
Driving transaction to closing
GP-Led Secondaries & Continuation Vehicles
We advise general partners seeking liquidity solutions for their funds or individual assets. Our work includes:
Strategic evaluation of GP-led transaction options
Structuring continuation vehicles
Pricing and valuation guidance
Buyer identification and investor syndication
Managing the GP-led secondary transaction process
These structures allow GPs to deliver liquidity to existing LPs while continuing to own and grow high-quality assets.
Recent Insights & Resources
Jefferies Global Secondary Market Review – Annual overviews of the secondary market
Evercore Secondary Market Review – Transaction volumes and market trends
Collar Capital Emergence of Secondaries - Growing allocations to secondaries strategies
These reports consistently show the secondary market surpassing $100B+ annually in transaction volume, with GP-led transactions becoming a rapidly growing share of activity.
Interested in exploring liquidity options?
Whether you are an LP seeking liquidity or a GP evaluating a continuation vehicle, PTB can help evaluate options and execute transactions efficiently.
Contact us to start a confidential discussion.
ABOUT PTB
PTB is a boutique investment bank focused on joint ventures, capital raising, and M&A advice for innovative real estate sponsors.
PTB provides to sponsors bespoke capital solutions for projects, portfolios and platforms—from a curated network of private equity real estate firms, family offices, hedge funds and other institutional real estate investors. Senior leadership has led real estate joint venture, capital raising and M&A transactions in excess of $20 billion.