The Secondary Snapshot Podcast
In Secondary Snapshot, Michael Bego, Managing Partner of Kline Hill, interviews leading experts on the trends and opportunities will drive the future of the secondaries
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Secondary Snapshot
David Markson, Senior Managing Director of LP Secondaries at Evercore, discusses the early days of the secondary market, his rationale for joining Evercore in 2021, and the excitement of scaling a team that now represents roughly 50% of total LP secondaries volume. He also shares why LPs are seeking liquidity and how their motivations have evolved over time, the impact of retail capital entering the secondary space, and the key considerations LPs should keep in mind when looking to sell. David closes by offering advice to young professionals aspiring to enter the secondaries industry – encouraging them to stay open-minded, learn quickly, and always be willing to support senior team members.
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The private equity secondary market is booming—but most people don’t realize how dramatically it’s evolved, or where it’s heading next. Whether you’re a seasoned investor or totally new to secondaries, this episode peels back the curtain on one of the fastest-growing corners of the financial world.
In this episode, Mike Bego, Managing Partner of Kline Hill Partners, joins host Patrick Stroth to give an insider’s perspective on how the secondary market for private equity is shifting, why secondaries are suddenly top-of-mind for investors, and what you can expect from this year’s milestone industry event, Secondaries Day.
You’ll discover…
- Why the secondary market exploded from a $5 billion niche to a $200 billion+ industry—and what still holds it back
- What really goes on behind the scenes of an LP-led versus a GP-led secondary transaction
- The unexpected career path that brought Mike Bego to the forefront of secondaries—and the practical lessons he learned from dot-com bust, “Chernobyl”
- The biggest misconceptions and emerging risks in continuation vehicles (and how to spot the red flags)
- How Secondaries Day is shaping the conversation and community for private equity insiders—from power networking to charity lunches and even pickleball
Mike is Founder and Managing Partner of Kline Hill Partners, a $5B alternative asset manager that invests in secondaries. Mike shares insights about the secondaries market and private investments.
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