Decoding the Secondary Middle-Market: What It Means and Why It Matters

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“Middle-market secondaries” are showing up in more manager pitchbooks—but what lies beneath the label?

As the term gains traction, its meaning has become increasingly blurred. For institutional investors, that can make it harder to evaluate strategies—and easier to miss what sets them apart.

In this piece, we unpack how different managers define this segment, why those definitions matter, and how thoughtful execution can turn complexity into opportunity.

Watch a preview video with our Chief Investment Officer Fred Pollock, and download the full piece below.

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Risk Information

For illustrative and discussion purposes only. No assurance can be given that any investment will achieve its objectives or avoid losses. The information and opinions expressed are as of the date set forth therein and may not be updated to reflect new information.

Investments in alternatives are speculative and involve substantial risk, including strategy risks, manager risks, market risks, and structural/ operational risks, and may result in the possible loss of your entire investment. The views expressed are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell securities by GCM Grosvenor. All expressions of opinion are subject to change without notice in reaction to shifting market, economic, or political conditions. The investment strategies mentioned are not personalized to your financial circumstances or investment objectives, and differences in account size, the timing of transactions, and market conditions prevailing at the time of investment may lead to different results. Certain information included herein may have been provided by parties not affiliated with GCM Grosvenor. GCM Grosvenor has not independently verified such information and makes no representation or warranty as to its accuracy or completeness.

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