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'Transactions' podcast series

How secondaries have become primary to GPs and LPs

With Tim Clark, Global Head of Private Funds and Secondaries at Freshfields, and Pablo Caló, Managing Partner of Fairview Capital.

Join industry leaders Tim Clark and Pablo Caló as they discuss the evolution of the secondary market and share insights from their experiences.

In this episode, Tim and Pablo delve into Pablo’s career arc, detailing how he ventured into secondary transactions and founded Fairview Capital. They explore the transformations in the secondary market over their careers and highlight the essential elements of successful GP-led transactions.

Discover the nuances of managing potential friction with LPs and LPACs, especially regarding conflicts and expenses in GP-led deals. Tim and Pablo provide valuable advice on minimising investor franchise risk and optimising deal approval.

The conversation also explores the rise of single asset continuation vehicles, addressing the shift from traditional exit tools and the significance of secondary buyers contributing dry powder for future growth.

Tim and Pablo navigate the complexities of the secondary marketplace, discussing the impact of artificial intelligence, drivers behind LP-led sale transactions, and the emerging trends in regions like Asia Pacific and Latin America.


The Freshfields podcast is available on

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