Inside the GP-Led Market: Industry-Leading Kirkland & Ellis's Mark Boyagi on Continuation Vehicles, Evergreen Structures, and the Diversification of Secondaries

Mark Boyagi, Partner at Kirkland & Ellis's Liquidity Solutions practice, joins Secondary Snapshot to discuss his journey from practicing law in Australia to becoming a leading advisor at the largest GP-led legal practice in the U.S. secondaries market — where Kirkland handles roughly 60% of all GP-led transactions. Mark personally advised on approximately $29B in GP-led volume in 2025 alone.

He discusses what's driving the rapid diversification of the secondary market, including a credit CV market that tripled in size last year. He also shares his perspective on emerging structures like evergreen continuation vehicles, evolving LP dynamics, and the future of single-asset liquidity solutions. He closes by encouraging young professionals to pursue what is genuinely challenging and interesting, and to guard their reputation above all else.