How LPs Evaluate GP Secondaries Exposure

Lucas and Luna explore the growing wave of GP-led secondary deals and how limited partners should evaluate them. They break down the key questions LPs need to ask about valuation marks, liquidity, and alignment when a manager offers a continuation vehicle. Using a concrete example of a mid-sized growth fund, they walk through the structural tensions between the GP as both buyer and seller, the role of the LP advisory committee, and how to stress-test the fairness opinion. The episode also covers red flags like stale marks and weak conflict-of-interest management, and why some LPs are pushing for more transparency in secondary processes. By the end, listeners have a practical checklist for assessing any GP-led secondary opportunity, plus a sense of how this market is reshaping LP-GP relationships in 2026. #LPEvaluation #GPSecondary #ContinuationVehicles #VentureCapital #SecondariesMarket #DueDiligence #Alignment #ValuationMarks #LPAC #FairnessOpinion #Liquidity #FundManagement #Finance #Business #Investing #FexingoBusiness #BusinessPodcast #StartupInvesting Keep every episode free: buymeacoffee.com/fexingo