The rapid growth of the secondaries market is reshaping Private Capital finance hiring, as firms contend with increased deal complexity and more active investor involvement. Lily Rivers looks at how finance teams in secondaries-focused businesses are moving beyond traditional reporting roles to support transactions, valuations and commercial decision‑making, requiring a blend of strong technical expertise and commercial awareness. Demand is rising for finance professionals who can apply judgement in complex accounting scenarios, work closely with investment teams, and bring rigour to portfolio analytics and valuation. As the market continues to evolve, firms that build adaptable, commercially engaged finance functions will be best positioned to capture the opportunities secondaries increasingly present.
The expansion of the secondaries market is reshaping the demand for finance talent as firms increasingly look for individuals who can combine strong technical skills with commercial awareness to meet investor needs.
The secondaries market has moved from being a niche corner of private capital to a mainstream and increasingly influential part of the industry. What was once largely about investors selling fund interests to manage liquidity has expanded into a wide range of deal types, including transactions led by fund managers themselves, the restructuring of existing assets, and tailored solutions designed to meet specific investor needs.
This expansion reflects deeper shifts in private capital. Investors are managing portfolios more actively, especially during economic uncertainty, while fund managers face pressure to deliver returns without prematurely selling high-quality assets. Secondaries offer a middle path; providing liquidity without forcing exits.
As the market has grown, so too has the complexity of the businesses operating within it. This has had a direct impact on the role of finance teams. Finance functions in secondaries firms are no longer focused solely on reporting historical performance. Instead, they are becoming more involved in supporting transactions, analysing opportunities, and helping guide decision-making.
For fund finance professionals, this means dealing with more customised structures and investor arrangements than in traditional funds. Each transaction can look different, and finance teams need to ensure that returns are calculated and distributed accurately. Attention to detail remains critical, but there is also a need to understand the commercial intent behind each deal.
In technical accounting, the challenge lies in applying accounting standards to situations that are not always straightforward. Transactions in the secondaries market can raise questions that do not have clear, standard answers. As a result, firms are placing greater value on experienced operators who can exercise sound judgement and communicate their reasoning clearly to auditors and investors.
Commercial finance roles are becoming more prominent as secondaries firms compete for attractive opportunities. Finance professionals are increasingly expected to work alongside investment teams, helping to assess deals, model potential outcomes, and evaluate risks. This represents a shift towards a more forward-looking role, where finance is actively contributing to value creation.
Portfolio analytics and valuation professionals are also in greater demand. With a wide variety of assets and transaction types, valuing investments accurately has become more challenging and more important. Investors expect transparency and consistency, and firms need robust processes to support this. As a result, there is a growing emphasis on strong valuation frameworks and independent oversight.
From a hiring perspective, these changes are reshaping what firms look for in finance talent. There is increasing demand for individuals who combine strong technical skills with commercial awareness. Candidates who can adapt to new situations, think critically, and communicate effectively are particularly valued as firms that invest in building capable, adaptable finance functions will be better positioned to succeed.
It is therefore vital that those involved in hiring understand how these finance roles are changing so they can identity the individuals most able to grow with the market and enable firms to take full advantage of the opportunities it is opening up.
Contact me if you’d like to discuss how the growth in secondaries is impacting your hiring – or career – plans.
