The opportunity set for the tail-end secondaries market has grown from $198 billion 10 years ago to $916 billion today, according to estimates from legacy specialist Hollyport Capital. In this episode, John Carter, managing partner and chief executive of Hollyport, and Etienne Deshormes, managing partner and CEO of private markets adviser Elm Capital, join senior reporter Madeleine Farman for a discussion on the topic. The three discuss the structural drivers of the tail-end secondaries market, how to approach due diligence in this part of the market, which institutions are more likely to sell a tail-end secondaries portfolio, whether new entrants will enter into this space, and the long-term outlook for this growing segment of the secondaries market.