Dry Powder: The Private Equity Podcast
The Rise and Rise of the Secondary Market with Lexington Partners’ Wilson Warren
A 30-year veteran shares why the secondary market’s growth continues to surprise him.
Today on Dry Powder, my guest is Wilson Warren, president of Lexington Partners, one of the industry’s leading managers of secondary and coinvestment funds. Wil joined Lexington in 1994, when the secondary market was only beginning to take shape—and one constant throughout his 30-year journey has been his amazement at its continued growth.
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“You know, one thing we’ve consistently gotten wrong is that we’ve always underestimated the size of the secondary market,” Wil says.
In this episode, we unpack the drivers of demand from the perspectives of both limited partners and general partners. We’ll also explore the sticking points for investors who are navigating this new chapter in the secondary market’s innovation and growth.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in abril 2025