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GP-Led Secondaries Are Now an Institutional Asset Class

In a new whitepaper published by Carta, Chris Lawrence, managing partner at Labyrinth Capital Partners, is prominently featured in a deep dive on the rise of GP-led secondaries and their role in closing the private market liquidity gap. The report highlights the structural differences between GP- and LP-led deals, with Lawrence outlining how single-asset continuation funds, strip sales, and restructurings have evolved into institutional tools—offering bespoke liquidity and portfolio management solutions.

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Tail-end secondaries surge as LPs step-up pursuit of liquidity in PE portfolios

Chris Lawrence, managing partner at Labyrinth Capital Partners, comments on the surge in tail-end secondaries, where decade-old PE fund positions are increasingly hitting the market. He notes that evergreen 40 Act funds have bid aggressively in this segment but warns that paying full freight for near-term liquidity comes with risk. The trend underscores how constrained exits are pushing LPs to seek liquidity through legacy asset sales, even at steep discounts.