Private Equity's Liquidity Problem
Wed Feb 04 2026
Secondaries used to be a niche corner of private markets — a way for institutions to quietly offload old fund positions. Today, they’re becoming a core feature of modern finance. In this conversation, Marc Rubinstein and Michael Batnick dig into the rapid rise of secondaries: why private assets are staying private for longer, how liquidity is being engineered rather than waited for, and what this shift means for valuations, incentives, and risk. We explore who wins, who loses, and whether secondaries are making private markets more efficient — or just more complex.
This episode is sponsored by YCharts. Click here https://go.ycharts.com/talking-wealth, to start a free trial and get 20% off your initial YCharts Professional subscription (new customers only).
For more from Talking Wealth sign up at: https://talkingwealthpod.com/
Participants include employees of Ritholtz Wealth Management. All opinions expressed by them are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management. This program is for informational purposes only and is not intended to provide specific advice or recommendations for any individual or on any specific security or product. Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Ritholtz Wealth Management or its employees. Ritholtz Wealth Management and its affiliates may invest in the technology company discussed.
The Compound Media, an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
#finance #financialplanning #financialeducation #financialadvisor
Learn more about your ad choices. Visit megaphone.fm/adchoices
More
Secondaries used to be a niche corner of private markets — a way for institutions to quietly offload old fund positions. Today, they’re becoming a core feature of modern finance. In this conversation, Marc Rubinstein and Michael Batnick dig into the rapid rise of secondaries: why private assets are staying private for longer, how liquidity is being engineered rather than waited for, and what this shift means for valuations, incentives, and risk. We explore who wins, who loses, and whether secondaries are making private markets more efficient — or just more complex. This episode is sponsored by YCharts. Click here https://go.ycharts.com/talking-wealth, to start a free trial and get 20% off your initial YCharts Professional subscription (new customers only). For more from Talking Wealth sign up at: https://talkingwealthpod.com/ Participants include employees of Ritholtz Wealth Management. All opinions expressed by them are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management. This program is for informational purposes only and is not intended to provide specific advice or recommendations for any individual or on any specific security or product. Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Ritholtz Wealth Management or its employees. Ritholtz Wealth Management and its affiliates may invest in the technology company discussed. The Compound Media, an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. #finance #financialplanning #financialeducation #financialadvisor Learn more about your ad choices. Visit megaphone.fm/adchoices