Industry Analysis

The market for secondary hedge funds

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In 2008, investors with illiquid hedge fund investments looked to the secondary market to release their stakes. Now demand for 'used' hedge fund goods continues to grow by the billions

By Claire Makin

Neil Campbell
Ben Keefe
Mark van der Zwan
Florian de Sigy
By now, many players in the secondary market for trading hedge fund stakes expected volumes to have dried up. They were wrong. Instead, the market has developed new legs and looks set to run for at least another 12 months.

“I thought the business would have tapered off now, but volume has gone up each year since we started,” says