As the investing public is now learning, “credit” and “liquidity” do not always pair well. This and many other facets of the rapidly growing credit secondary market are discussed in this Liquid Courage conversation between Ed Goldstein, Partner and CIO of Coller Credit Secondaries, and Eric Green, a Partner at secondaries advisory firm Upwelling Capital.
Among the key takeaways:
• Credit secondaries is the fastest-growing corner of an already booming market. The private credit secondary market has doubled year-over-year, a growth rate that outpaces the growth of the underlying primary market
• The BDC volatility story is a liquidity mismatch narrative, not a credit crisis. Goldstein and Green are clear that the current stress in non-traded and private BDCs reflects some retail investors misreading “semi-liquid” as “liquid.”
• The GP-led credit continuation vehicle is gaining in adoption. In just two years, the split in credit secondaries has flipped from roughly 80% LP-driven to nearly 50-50 GP-led, as fund managers sitting on nearly half a trillion dollars in unexited assets.
• Mid-sized credit managers face a Darwinian moment as capital concentrates at the top. With institutional LPs consolidating commitments behind mega-firms, some credit managers are heading into 2026 facing a primary fundraising wall that will push many of them toward the secondary credit market.
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