Bruno Bertrand-Delfau, co-Head of Secondaries at Proskauer — On Secondaries, Private Capital and One of the Fastest-Growing Markets in Finance

In this episode, Bruno explains the rapid evolution of the secondaries market and why it has become one of the most important areas of private capital over the past two decades.Bruno begins by explaining what secondaries actually are, breaking down how the market provides liquidity for investors in private equity, infrastructure, real estate and private credit funds. He explores why secondaries have evolved from a niche product into a critical part of the private capital ecosystem as investors increasingly seek greater flexibility over long-term investments.The conversation explores the factors driving explosive growth in the secondaries market. Bruno explains how slower M&A activity, weaker IPO markets, higher interest rates and geopolitical uncertainty have all reduced traditional exit opportunities, increasing demand for alternative liquidity solutions.Bruno reflects on how he entered the market almost by accident. Beginning his career as an M&A lawyer before secondaries even existed, he explains how working on one of France's first major secondary transactions introduced him to a sector that would ultimately define his career.The episode also examines how perceptions of secondaries have changed dramatically. Bruno recalls how early transactions were often viewed negatively, with investors worried that selling fund interests signalled financial distress. Today, he explains, sophisticated institutional investors actively use secondaries as a portfolio management tool to rebalance investments, manage relationships with fund managers and optimise capital allocation.A major focus of the discussion is continuation vehicles. Bruno explains how these increasingly popular structures allow fund managers to retain high-quality assets for longer while simultaneously offering existing investors the choice between liquidity today or continued participation in future value creation.The conversation explores why continuation funds have become a mainstream exit route alongside traditional trade sales and IPOs, and how the market continues to innovate through increasingly sophisticated transaction structures, including continuation vehicles built on previous continuation vehicles.Bruno also discusses why London has become Europe's leading secondaries hub and reflects on his decision to relocate from Paris more than a decade ago to be closer to the centre of this rapidly growing market.Beyond legal practice, Bruno shares his commitment to social mobility through programmes helping young people access international opportunities through sport. He also reflects candidly on his own experiences as a gay lawyer, discussing how the legal profession has changed throughout his career and why creating genuinely inclusive workplaces remains one of the most important responsibilities of senior leaders.Finally, Bruno shares why he believes secondaries will continue growing for many years to come. As private markets expand and investors seek greater flexibility, he argues that secondaries will become an increasingly essential part of the global financial system while continuing to generate new opportunities for lawyers, investors and fund managers alike.00:00 Introduction  00:20 Meet Bruno Delfau  01:00 What Are Secondaries?  03:00 Why the Market Is Growing So Quickly  05:00 How Bruno Entered Secondaries  07:00 Early Misconceptions About the Market  08:30 Why Investors Sell Fund Interests  10:00 How Secondaries Changed Private Capital  11:00 Moving to London & Joining Proskauer  12:00 The Future of Secondaries  14:00 Continuation Vehicles Explained  16:00 Why Liquidity Matters More Than Ever  18:00 The Growth of Private Markets  20:00 Why Secondaries Could Reach $1 Trillion  22:00 Social Mobility Through Sport  24:00 Diversity, Inclusion & Leadership  30:00 Final Reflections