# Secondary Link

> Secondary Link knowledge hub — documentation, guides, and resources.

## Home

- [Secondary Link](https://secondarylink.withindexy.com/)

## Articles

- [What to Know About LP-Led Vs GP-Led Secondaries](https://secondarylink.withindexy.com/what-to-know-about-lp-led-vs-gp-led-secondaries): LP-led secondaries are fund interest sales initiated by limited partners seeking liquidity, while GP-led secondaries are general partner-orchestrated transactions using continuation vehicles to extend high-performing assets. In 2025, both structures contributed equally to a record $220 billion secondary market, with single-asset continuation funds growing 76% to $60 billion. The market is projected to reach $400 billion by 2030, driven by growing dry powder, evergreen fund proliferation, and expansion into private credit, infrastructure, and real estate.
- [What You Should Know About Venture Capital Discounts 2026](https://secondarylink.withindexy.com/what-you-should-know-about-venture-capital-discounts-2026): Venture capital secondary discounts compressed dramatically from -49% in Q1 2024 to -8% in Q1 2026, driven by record secondary dry powder of $248 billion, AI-driven valuation increases, and structural liquidity demand as average private equity holding periods reached 6.4 years. The market is bifurcated, with top-tier assets attracting competitive bids near NAV while the broader market still offers wider discount opportunities for sophisticated buyers. Secondary Link's deal screening tools, secondary directory, and institutional-grade news coverage provide the market intelligence needed to navigate this evolving discount landscape.

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