HarbourVest Partners has established a dedicated credit secondaries investment team. The team will be led by Greg Ciesielski from the firm’s secondaries team, and Sean Gillespie from the credit team.
The expansion reflects HarbourVest’s growing focus on the private credit secondaries market – one of the fastest growing but still undercapitalized segments of private markets. The global private credit market surpassed $1.6 trillion in 2024, yet only $6.8 billion of global secondaries dry powder is allocated to credit transactions. Credit secondary volumes have grown from $3 billion in 2020 to $10 billion in 2024 as both limited partners (LP) and general partners (GP) seek more flexible liquidity solutions.
“We believe credit secondaries will be one of the fastest-growing segments of the secondaries market over the next several years,” said John Toomey Jr., CEO of HarbourVest Partners. “Our multi-manager investment approach, which provides access to quality de
