The Discount Is the Wrong Question in Private Equity Secondaries

Podcast: M&A Science · Kison Patel

Opublikowano: 2026-08-27

Richard Chow, Partner at PJT Partners (NYSE: PJT) Everyone asks the same first question in a secondaries deal: what's the discount. Richard Chow, a partner at PJT Partners who has sat on every side of this market as an LP, a buyer, a portfolio manager at Abu Dhabi's sovereign wealth fund, and now an advisor, says that question misses the point. Chow traces how secondary market volume grew from roughly $10 billion a year in the early 2000s to more than $250 billion today, and lays out what a buyer should actually underwrite instead: the buyer's own...