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In this interview with Dr. Stephan Wessel, CEO and Managing Partner of Montana Capital Partners, on the evolution of private equity secondaries into a core institutional asset class. In this in-depth conversation, Dr. Wessel discusses the rise of GP-led and LP-led transactions, the growing importance of the lower mid-market, and why secondaries are becoming an essential portfolio management and liquidity tool for institutional investors worldwide. Drawing on more than 20,000 LP data points and insights from global allocators representing approximately USD 300 billion in private alternatives, he shares his perspective on market structure, valuation discipline, risk management, and long-term value creation. The interview also explores: • Why the lower mid-market may be best positioned for periods of volatility • The expansion of secondaries into credit, infrastructure, and real assets • How LPs are evolving from capital allocators into active deal makers • The role of AI, data infrastructure, and “second order thinking” in underwriting • Family offices, sovereign wealth funds, and the rise of patient capital • The future outlook for the secondaries market through 2030
