Secondaries in 2026: The Active Allocator's Edge

At IPEM Wealth 2026 in Cannes, Iyobosa Adeghe, Partner at Coller Capital, made the case for why sophisticated investors are increasingly treating secondaries not as an exit mechanism, but as a proactive portfolio management tool and why 2026 looks like a particularly strong year for the strategy.

Key takeaways from this interview

01. From passive to proactive: How investors are using secondaries
The secondaries market is no longer just a place to sell unwanted positions. Iyobosa describes a fundamental shift in investor mindset. Sophisticated LPs are now using secondaries proactively to rebalance by region, vintage, and strategy, expressing dynamic views on their portfolios rather than simply waiting out commitments made years ago.

02. Hundreds of companies. Ongoing cash Generation. Built-in diversification.
A single secondary transaction can provide exposure to hundreds of underlying companies across geographies, sectors, and vintages, with the added benefit of near-term cash distributions from more mature assets. Iyobosa highlights this liquidity profile as a key differentiator, particularly valuable for investors managing overall portfolio liquidity. 

Secondaries provide exposure to many hundreds of underlying companies and unlike primary funds, they generate ongoing distributions almost from day one. That liquidity profile is genuinely valuable. - Iyobosa Adeghe, Coller Capital

03. 35+ years navigating every cycle: that's not marketing, it's armor
Coller Capital has been investing in secondaries for over three decades, through dot-com crashes, the GFC, COVID, and rate shocks. Iyobosa argues that this depth of cycle experience is not just a track record talking point, it is the operational and analytical infrastructure that allows confident deployment when others hesitate.

04. 2026:A strong year in the making
Iyobosa closes with conviction: the conditions for secondaries are highly favorable in 2026. Volume is building, pricing is constructive, and the structural demand for portfolio liquidity management among large institutions shows no sign of slowing. For investors still considering an allocation, the timing argument is compelling.