The LPs actively allocating to secondaries right now
Secondaries fundraising hit record highs in 2025 — credit secondaries alone raised $16B through Q3, more than the prior three years combined. PE secondaries volume reached $160B+ in 2024. Altss maps the specific dedicated secondary LPs and allocators backing continuation vehicles, LP-led transactions, and credit secondaries.
The secondaries fundraising environment in 2026
Secondaries are structurally ascendant. The liquidity shortage in primary PE (DPI at historic lows) has driven unprecedented volume through secondary markets — and unprecedented LP demand for dedicated secondary funds. PE secondary transactions topped $160B in 2024. Credit secondaries fundraising surged 48% in 2025. GP-led continuation vehicles routinely exceed target.
The LP base for secondaries is specific and sophisticated. Dedicated secondary LPs understand the vintage, pricing, and discount dynamics of secondary portfolios. Many institutional LPs have explicit secondary allocation targets. Family offices participate as co-investors in GP-led transactions. Sovereign funds anchor large secondary platforms. A secondary GP who pitches this universe generically — like primary PE — leaves substantial capital on the table.
Who's allocating to secondaries in Altss
- 3,400+ institutional LPs with explicit secondary allocations — pensions, endowments, foundations, sovereign funds, insurance with dedicated secondary mandates
- 400+ dedicated secondary funds — PE secondaries, credit secondaries, real estate secondaries, infrastructure secondaries, VC secondaries, and general secondary platforms
- Family offices with secondary participation — 1,800+ FOs with documented LP stake purchases, continuation vehicle participation, or co-invest in secondary transactions
- GP-led continuation vehicle backers — LPs with specific appetite for single-asset and multi-asset continuation vehicles
- LP-led transaction buyers — LPs active in buying secondary LP stakes from other institutional investors
What's in the platform for secondary GPs
Transaction-type filtering.
GP-led vs. LP-led vs. direct secondaries attract different LP capital. Continuation vehicles require different pitch than diversified secondary funds. Altss separates these buckets and maps LPs accordingly.
Asset class within secondaries.
PE secondaries, credit secondaries, real estate secondaries, infrastructure secondaries, and VC secondaries are increasingly distinct markets with distinct LP bases. Altss filters by secondary sub-strategy.
Co-investor mapping for GP-leds.
GP-led continuation vehicles often require assembling 3-7 anchor LPs plus a dozen smaller co-investors. Altss maps who typically participates alongside lead secondary funds in GP-led transactions.
Pricing and vintage appetite.
Secondary LPs have strong preferences about discount/premium pricing, vintage concentration, and strategy exposure. Where disclosed, Altss tags these preferences to match LP appetite to deal characteristics.
Continuation vehicle history.
Many LPs have specific experience with continuation vehicles in certain GP relationships — valuable pattern-matching for CV fundraising.
How secondary GPs use Altss
01
Diversified secondary fund raise.
Pull the 3,400+ institutional LPs with explicit secondary mandates. Filter by fund-size preference, geographic scope, and strategy concentration appetite. Build a tiered outreach strategy with pensions and sovereigns as anchors.
02
GP-led continuation vehicle.
For a specific CV, identify the 40-60 LPs most likely to anchor (based on prior CV participation, stated appetite, and relationship overlap with the sponsor GP). Altss maps warm paths and co-investor patterns.
03
Credit secondaries launch.
Rapidly growing sub-strategy. Identify 40+ dedicated credit secondary funds already active + LPs who've committed to credit secondary funds + institutional LPs with private credit programs that could logically expand into credit secondaries.
04
LP stake brokerage positioning.
For LP-led transaction sourcing, identify LPs with known rebalancing pressure, maturing fund vintages, or liquidity events that typically precede LP stake sales.
Why Altss vs Preqin for secondaries
Preqin covers secondary funds and transactions at a macro data level. For market sizing and fund benchmarking, Preqin remains useful. For secondary fundraising — identifying the specific LPs who anchor secondary platforms, participate in GP-leds, or buy LP stakes — Altss provides the operational intelligence needed.
Given secondary market growth and the complexity of LP preferences in this asset class, signal-level intelligence on LP behavior (new CV commitments, secondary mandate increases, team hires) is increasingly valuable.
Frequently asked questions
Do you cover credit secondaries specifically?
Do you track continuation vehicles?
Do you cover real estate and infrastructure secondaries?
What about VC secondaries?
How do you identify LPs with secondary mandate increases?
Pricing for secondary GPs?
See the LPs allocating to secondaries in your strategy.
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