Multi-Secondary private credit marketplace
Private credit has scale but not liquidity. Secondex brings institutional process to secondary transfer — connecting holders who need an exit with capital that wants the exposure, on neutral ground.
Neutral by design
We introduce counterparties. We do not take principal positions or run a book against you.
Built for the mid-market
Indicative transaction size from $5m, with smaller positions considered in aggregate. Coverage for the segment established secondaries desks are not structured to serve.
Structure that connects liquidity
A repeatable process through a market that still runs on ad hoc bilateral negotiation.
IThe market is growing.
Credit secondaries volume reached $20.4 billion in the first half of 2026 — more than double the same period a year earlier, and already ahead of the whole of 2025. The market is real and it is growing quickly.
IIThe growth is concentrated.
But that growth is concentrated. GP-led transactions accounted for roughly 83% of first-half volume and cleared at around 99% of fair market value. LP-led transfers — the journey an individual holder actually takes to exit — made up about 17%, and priced at an average of 92% of NAV. The side of the market with the least infrastructure is the side paying the widest discount.
IIIThe pressure is building.
Pressure is building behind it. Index-wide redemption requests across non-traded BDCs rose to 4.8% of NAV in the fourth quarter of 2025, from 1.6% the quarter before, against structures that typically repurchase up to 5% of NAV a quarter. Those requests have not yet translated into significant secondary activity — because for most holders, there is no orderly route to take.
$20.4bn
Credit secondaries transaction volume in H1 2026 — up 122% year on year, and above full-year 2025.
Evercore, H1 2026 Credit Secondary Market Review17%
Share of that volume that was LP-led. The individual holder's route to liquidity is the thinnest part of the market.
Evercore, H1 2026 Credit Secondary Market Review92%
Average LP-led pricing as a share of NAV, against approximately 99% of fair market value for GP-led deals.
Evercore, H1 2026 Credit Secondary Market ReviewFigures from Evercore Private Capital Advisory, H1 2026 Credit Secondary Market Review (July 2026), and iCapital, BDC Redemptions: Looking Beyond the Gates (2026). Market data is indicative, refers to the periods stated, and is not a forecast or a representation of any outcome available through Secondex.
Secondex connects parties across the institutional spectrum — the holders who need liquidity, the capital positioned to provide it, and the advisers who guide both.
Sellers
Seeking liquidity
Buyers
Deploying capital
Flow providers
Routing Buyers and Sellers
Two are live commercial paths today: liquidity for asset owners, and portfolio construction for institutional capital. Two are being developed directly with the GPs and institutions that will use them.
Where a direct sale is constrained — by consent requirements, transfer restrictions, or timing — we work on structures that preserve price integrity and transaction discretion without disrupting the underlying vehicle.
01
Private Credit Liquidity. Solved.
For lenders, originators and credit managers holding loan books, credit facilities or portfolio positions they need to exit. We run a controlled process to the buyers who are actually positioned for that asset — rather than testing the market and leaving a trail.
02
Private Credit Deconstructed. Build the Liquidity You Want.
For capital with a mandate to fill. Tell us the exposure you want — geography, sector, seniority, yield, duration and ticket — and we identify and connect positions against those buyer-defined parameters, coordinating multiple acquisitions where that is what the mandate requires.
03
Private Credit that Works for Your LPs.
For GPs handling LP redemption requests, transfer and consent mechanics, or portfolio-level liquidity — without disrupting fund operations or the LP relationship. We are building this through live conversations with GPs, shaped around the constraints they actually work under.
04
Reframe Your Risk. Don't Lose Your Upside.
For institutions carrying credit exposure that no longer fits — by concentration, capital treatment, or risk appetite — and that would rather reshape it than sell it down. Being developed around specific institutional requirements and the applicable regulatory architecture in each case.
What trades
From $5m — or smaller positions in aggregate.
Availability of any structure depends on the parties, the asset and the applicable regulatory position in the relevant jurisdictions. Nothing here is an offer, a solicitation, or a representation that a particular structure can be delivered.
A private conversation, a controlled process, and disclosure that moves forward only with your agreement. Here is what engaging with Secondex actually looks like.
01
A private conversation
You tell us what you hold, or what you are looking for. Nothing is listed and nothing is broadcast to the market. We work out whether there is a transaction here before anything else happens.
02
A controlled process
Disclosure is staged. Your identity is not shared with a counterparty until a bilateral NDA is in place naming the asset, and information is released on a transaction-specific basis. Bids are taken separately, so no party sees another's price.
03
A clean close — or nothing
If it clears, the transaction completes discreetly between the parties. If it does not, there is no public listing to withdraw and no price left standing against the asset.
We do not signal urgency on your behalf. Secondex acts as an introducing platform only and is never a party to a transaction. Confidentiality arrangements are contractual between the parties; we operate a controlled disclosure process but cannot guarantee the conduct of any counterparty.
We hold no book, so there is nothing we need to place. A mandate is a connection signal rather than a filter — connecting you to the appropriate positions that come to Secondex, and the holders behind them.
Sellers see the same process from the other side. Their asset goes to the buyers positioned for it; a buyer's mandate goes to the holders who have what it needs. Where a single position does not answer a mandate on its own, it is aggregated with others until it does — which is how smaller holdings reach buyers who would not look at them individually.
Every mandate is handled by a dedicated professional, with structured data supporting the decisions. We put you in touch with the exposure you are looking for.
01
Mandate
Geography, sector, seniority, yield, duration, ticket size and exclusions — mapped out before any connections are made.
02
Connecting
Holders bring positions to Secondex directly, including holdings that were never openly marketed.
03
Diligence
The buyer and its advisers conduct the investment, legal and transfer diligence required before deciding whether to proceed.
04
Construction
Buyer-selected positions are coordinated and aggregated against the mandate, including concentration, duration and other parameters specified by the buyer.
05
Transaction coordination
Selected acquisitions proceed through controlled bilateral processes, with counterparties and their advisers handling the applicable legal, regulatory, consent and transfer requirements.
A selective group of asset owners, LPs, GPs and buyers who shape Secondex as it takes form — and who are first through the door as liquidity moves. Both sides of the market are represented, because a marketplace built around one of them is not neutral. This is a working relationship with a handful of institutions, not an unlimited membership programme.
First access
Counterparties, live opportunities and new structures ahead of general availability.
Charter terms
Preferential commercial terms, held for the life of your participation.
Design partner
Direct input into how each solution is built — from process to pricing.
Priority matching
Early standing in counterparty matching and deal flow.
Named charter status
Recognised standing within your segment as the market takes form — published only if you want it. Discretion is the default.
No obligation
Charter status commits you to nothing. No exclusivity, no minimum, no requirement to transact.
Register your interest
Tell us where you sit in the market. We will come to you as charter places open in your category — in confidence, and never attributed.
Second Signal is our weekly private credit secondary market briefing.
Gating events, movements in discount to NAV, redemption activity and transaction flow — synthesised for fund managers, LPs and credit professionals who need to read the market before it moves.
No promotional content. No sell-side framing. An institutional register, every week.
Subscribe — free
Second Signal by Secondex
Weekly private credit secondary market intelligence, delivered at the start of each week. Unsubscribe at any time.
Secondex is founder-led, built on deep institutional finance experience spanning multiple fields and sectors including structured solutions and private credit, and on relationships across banks, credit funds, insurers and advisers, built over decades.
We look at a secondary transaction from every side: what makes a position transfer cleanly, where a process stalls, how risk has to be presented to reach the right buyer, which structures actually bring liquidity to the market, and where value is preserved or lost along the way.
The desk is led by seasoned industry professionals and supported by structured data. We draw on a much wider network of specialists — legal, administrative, structuring and technical — brought in transaction by transaction as each mandate requires.
Secondex, where private credit makes its market.
For a live situation, a mandate, a first conversation about any potential transaction or any thoughts on how we can work together — reach us directly. Everything is held in confidence.