Secondaries on the main stage: Opportunity, alignment and the future of private markets

Liquidity has always been a consideration in private markets — but the way investors manage it is changing. In this episode of Critical thinking, Teena Jilka is joined by Mike Forestner and Benjamin Baumann to explore the rise of GP-led secondaries and continuation vehicles. They discuss what is driving the structural growth of the secondaries market, how continuation vehicles work and why alignment and governance matter, what disciplined underwriting looks like in practice, and how investors could think about secondaries as a portfolio construction tool. Capital at Risk. This content was recorded in July 2026. The views expressed are those of the speaker(s) and do not necessarily reflect Mercer’s views. They are current as of the date of recording and subject to change without notice. This is provided for informational and educational purposes only. This does not constitute a recommendation or an offer to purchase or sell any securities. This does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The discussion is not tailored to your particular personal and/or financial position. No investment decision should be made based on this information. Certain information may constitute forward-looking statements though there is no guarantee that these results will be achieved. Past performance of any asset class or security is not a reliable indicator of future results. Diversification does not guarantee a profit or protect against a loss. Mercer makes no representations or warranties as to the accuracy or completeness of statements or information contain Important notices