Private credit secondaries: Capturing opportunity through market cycles

State Street Investment Management’s Benedetta Balducci examines how the growing private credit secondaries market can provide institutional investors with seasoned exposure and greater deployment flexibility. Private-credit-secondaries

• Transaction volumes reached $20 billion in 2025 and could exceed $50 billion within the next two to three years.
• Seasoned portfolios can offer earlier cash flows, recurring income, shorter duration and structural downside protection.
• Growing dispersion and liquidity pressure may favour specialist managers with strong sourcing, underwriting and workout capabilities.

Explore the full report to assess how private credit secondaries can complement primary credit and broader private-market allocations.