Secondaries Are No Longer a Liquidity Tool. They’re a Private Equity Strategy with Adrian Siew, Rothschild & Co

In this episode of The Private Equity Podcast, Alex Rawlings is joined by Adrian Siew, Managing Director at Rothschild & Co and co-leader of its GP Solutions practice.
Adrian explains why continuation vehicles have become an increasingly important part of the private equity market and how firms can use them to generate liquidity, retain high-performing assets and strengthen relationships with investors.
The conversation explores the rapid growth of the secondaries market, the pressure created by longer hold periods and slower exit activity, and why continuation vehicles should be considered alongside traditional exit routes rather than treated as a last resort.
Adrian also outlines the characteristics of a strong continuation vehicle, including a compelling investment narrative, attractive return potential, meaningful GP alignment, LPAC support and a clear path to exit.
Key Highlights
Why continuation vehicles have experienced significant growth
How dedicated secondary capital has accelerated adoption
Why many leading private equity firms have completed multiple CV transactions
The benefits of providing liquidity while retaining high-conviction assets
Why a continuation vehicle should not be the option of last resort
How slower distributions have affected LP investment programmes
The role of secondaries in portfolio optimisation and capital recycling
How CVs can strengthen sponsor and LP relationships
The importance of transparency, optionality and LPAC engagement
The key indicators of a high-quality continuation vehicle
Career opportunities within the expanding secondaries market

Timestamps
00:00 – Introduction to Adrian Siew and Rothschild & Co’s GP Solutions practice
00:59 – Why continuation vehicles are growing so quickly
01:29 – The evolution of fund restructurings into continuation vehicles
01:58 – Growth in dedicated secondary-market capital
02:25 – Increasing adoption among leading private equity firms
02:53 – Benefits for GPs, LPs and management teams
03:39 – The biggest mistake firms make when considering a CV
04:46 – Longer hold periods, slower exits and fundraising pressure
05:16 – Why LPs are manufacturing their own liquidity
06:14 – Restarting the private markets capital flywheel
06:43 – The contribution of CVs to LP distributions
07:12 – Secondaries as a strategic portfolio-management tool
08:39 – Portfolio optimisation and greater flexibility for LPs
09:37 – How continuation vehicles affect sponsor-LP relationships
10:05 – Giving existing LPs liquidity and rollover optionality
11:03 – What separates a good CV from a bad transaction
11:23 – Building a credible investment narrative
11:52 – Ensuring sufficient upside remains in the asset
12:21 – GP alignment and commitment to the next phase
13:18 – LPAC support and establishing a clear exit strategy
14:10 – Adrian’s recommended reading
14:39 – Careers in secondaries and how to contact Adrian
15:35 – Closing remarks
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