Secondaries buyers are flush with cash – and ready to spend. But with fewer large private equity fund interests up for sale in the market and plenty of competition from traditional and non-traditional capital sources, secondaries buyers are being forced to pay up for the assets they really want.

Todd Miller, managing director at secondaries intermediary Cogent Partners, said: "The supply-and-demand imbalance is huge right now. There's significant demand and just not enough supply. If you're a seller, there couldn't be a better time to sell than right now."