In the latest episode of ION Influencers Fireside Chats, host Giovanni Amodeo sat down with Ian Wiese, Managing Director of Portfolio Finance at Barings, to explore the evolution of the secondary market in private assets. With 15+ years of experience, Wiese offered deep insights into market cycles, current dynamics, and future outlooks—all critical intel for capital markets professionals and institutional investors.

This fireside chat underscores how secondaries have evolved from a niche liquidity tool to a strategic lever in private market investing. With macro headwinds reshaping exit dynamics, and technological advancements driving smarter capital deployment, secondaries are poised to be a core asset class going forward.

Key Topics Discussed

1. Evolution of Secondaries Over Market Cycles

• The secondary market has experienced consistent growth, withstanding even the Global Financial Crisis (GFC).

• Wiese emphasized structural tailwinds, such as growing demand for liquidity and portfolio rebalancing in private markets.

2. The Shift from Exits to Liquidity Solutions

• As M&A markets remain sluggish, secondaries are stepping in as a critical liquidity tool.

• Innovative vehicles like continuation vehicles (CVs) and LP-led transactions are rising in prominence.

3. Regional and Sectoral Growth Outlook (2025–2026)

• United States remains the dominant hub, but activity in India and broader Asia is gaining momentum.

• While Wiese takes a generalist approach, specialization is emerging—notably in sectors like healthcare and business services.

4. The Role of Technology and Future Strategy

• In five years, Wiese predicts a stronger reliance on tailored investment solutions, powered by real-time data and AI-driven decision-making.

• Efficiency and tech adoption will be non-negotiable for firms wanting to stay competitive in secondaries.

Key timestamps:

00:07 Introduction to the Fireside Chat
01:28 Understanding Market Cycles in Secondaries
02:52 Recent Trends in Secondary Market Activity
04:27 Benefits of Secondary Investments
06:31 Insights from Secondary Operators
08:07 The Role of Insurance Money in Secondaries
10:17 Comparing Insurance Companies and Pension Funds
11:55 Future Trends in Credit and Equity Secondaries
14:07 Specialization in Secondary Markets
15:25 Talent Acquisition in the Secondary Market
17:10 The Evolving Ecosystem of Advisors and Investors
19:35 Ensuring Value in Continuation Vehicles
22:05 The Future of Exits and Secondary Markets
24:20 Adapting to Technological Changes in Investment Strategies
25:54 Conclusion and Closing Remarks