NFS: The State of Secondaries

The State of Secondaries

The State of Secondaries is a video series that explores the dynamics and trends of the secondary market for private funds. Through interviews with experts and practitioners, this series provides insights and perspectives on how this unique segment of the alternative asset industry operates and how it is evolving.

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New in This Series:
Transaction Insurance with Aon

In this episode of The State of Secondaries, Rory Mabin is joined by Jerald Khoo, Managing Director and Head of Private Markets Liquidity Solutions (PMLS) at Aon. We discuss how Aon’s new PMLS group is expanding Aon’s suite of insurance and advisory products across secondaries, LP clawback and fund wind-down insurance, and how these offerings can help shape opportunities for stakeholders to unlock capital faster, simplify exits, and manage risks holistically across private market transactions.

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More in This Series:

Communication and Innovation in PE with Jennifer Prosek

On this episode of The State of Secondaries, Rory Mabin is joined in studio by Jennifer Prosek, Founder and Managing Partner at Prosek Partners. In our discussion with Jen, we explore how GPs can stand out in an increasingly competitive fundraising environment, how to think about AI from brand-building perspective, and much more.

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LP-Led Secondaries with PJT Partners

This episode of The State of Secondaries features Adrian Millan, Partner at PJT Partners. We discuss the dynamic world of LP-led secondaries, exploring key themes including liquidity challenges, pricing dynamics, and the impact of technology on deal sourcing and execution.

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Private Fund Technology with Juniper Square

Rory Mabin is joined by Alex Robinson, CEO and Co-Founder of Juniper Square to discuss three key themes driving change in the private markets – retail access, AI, and regulation. This conversation covers: how the application of technology can create efficiency for GPs, whether applied to liquidity challenges and the secondary market, or re-shaping GP workflows and finding opportunity with AI.

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Private Innovation with Liberty Street Advisors

Rory Mabin joined by Christian Munafo, Chief Investment Officer at Liberty Street Funds and Portfolio Manager of the Private Shares Fund. We discuss private innovation and the transformational impacts of machine learning and generative AI, and discuss the role that products like the Private Shares Fund are playing in the development of the Venture Capital space.

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The State Of Secondaries: Structured Liquidity Programs® with Nasdaq Fund Secondaries

Guest host Meg Modic, Head of GP Engagement at Nasdaq Fund Secondaries, is joined by Chris Tinsley, VP, Rory Mabin, Head of Institutional Secondaries, and Pat Adrian, Head of Registered Fund Solutions to discuss Structured Liquidity Programs®.

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The State Of Secondaries: LP-Led Secondaries with Evercore

Micki Haber, COO and David Markson, Senior Managing Director of Evercore’s Private Capital Advisory Group join The State of Secondaries for a deep dive into LP-led secondary transactions.

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Transaction Insurance with Aon & Proskauer Rose LLP

Host Rory Mabin, Head of Institutional Secondaries at Nasdaq Fund Secondaries is joined by Michael Ellis, Partner at Proskauer, and Matthew Wiener, Managing Director, Aon M&A and Transactions Solutions for a conversation about the role of transaction insurance in the private fund secondary market.

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Real Estate Secondaries with Portfolio Advisors

Rory Mabin, Head of Institutional Secondaries at Nasdaq Fund Secondaries is joined by Jeffrey Cho, Managing Director at Portfolio Advisors to discuss real estate secondaries.

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"Embedded Liquidity" with Nasdaq Fund Secondaries

In this episode of The State of Secondaries, we give you an insider's view into the work we are doing at Nasdaq Fund Secondaries to build greater access to liquidity into the structure of private funds. Patrick Adrian, Head of Registered Fund Products, is joined by Christoffer Tinsley, VP, and Rory Mabin, Head of Institutional Secondaries, to discuss our Embedded Liquidity offering.

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GP-Led Secondaries with PJT Partners (Part 2)

Rory Mabin, Head of Institutional Secondaries at Nasdaq Fund Secondaries is joined by Chris Areson, Partner and Managing Director in the Secondary Advisory Group at PJT Partners. In our second conversation with Chris, we deep-dive into GP-led secondaries from an advisor’s perspective.

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Infrastructure Secondaries with Macquarie Alliance Partners

Patrick Adrian, Principal, Nasdaq Fund Secondaries is joined by Wandy Hoh, Head of Infrastructure Secondaries at Macquarie Asset Management and President of Macquarie Alliance Partners.Wandy joins us in studio to discuss the rapid growth of the infrastructure secondaries market, which many believe is being fueled by the growth and maturation of the primary market for unlisted infrastructure.

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GP-Led Secondaries with PJT Partners (Part 1)

Rory Mabin AVP, Head of Nasdaq Fund Secondaries is joined by Chris Areson, Managing Director in the Secondary Advisory Group at PJT Partners to Discuss GP-led secondaries.

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Fund Focus: AOG Institutional Diversified Fund (AOGFX)

Patrick Adrian, Head of Nasdaq Fund Secondaries’ Registered Fund Product, is joined by Fred Baerenz, President and CEO of AOG Wealth Management and the AOG Institutional Diversified Fund (AOGFX). AOG Wealth Management is an SEC Registered Investment Advisory firm located in Reston, Virginia.

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For inquiries, or to be featured on The State of Secondaries, please email us at stateofsecondaries.com.

Rory Mabin
Host of The State of Secondaries

Meet Our Host:

Rory Mabin is the creator and host of The State of Secondaries. In conversation with industry experts, Rory explores the evolving secondaries landscape for private funds.

Rory heads the Institutional Secondaries business at Nasdaq Fund Secondaries. In her time at Nasdaq, she has played an integral role in defining new secondary platform features designed to increase transaction efficiency. She brings 14 years of experience working in the secondaries market with both general partners and limited partners and specializes in LP-led deal execution. Prior to joining Nasdaq, Rory was a Director at NYPPEX Private Markets where she led deal teams; eventually heading up the secondary trading business. Her various roles focused on deal origination, managing price discovery processes and settlement administration. During this time, she also advised on and executed transfers ranging from single interests for high-net-worth individuals to complex portfolio sales for institutional investors.

Rory received her BS in Economic Sociology from the University of Michigan and holds FINRA Series 7, 24, 66, and 79 licenses.

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