While complete Q2 2022 returns for the private capital fund universe aren't yet available, preliminary data shows that, as of March 31, secondaries had an average rolling one-year IRR of 42.1%, the highest of all private capital strategies. Both LP- and GP-led transactions contributed to secondaries' high IRR compared to other private capital strategies. In this volatile market environment, all sides of the secondary transaction are looking for liquidity. On the sponsor (or GP) side, fund managers are looking to get distributions out to their LPs so their investors will have the funds to participate in future deals, according to Robert Emerson, a partner in the Private Equity and Private Investment Funds practices. "One way to do that is through the continuation vehicles," Emerson said. "There are a flood of deals being pushed that way." Read more on PitchBook.