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Practice Area
Secondaries & Liquidity Solutions
Winston & Strawn’s Secondaries and Liquidity Solutions group delivers market-leading counsel to clients navigating the evolving landscape of private fund liquidity, secondaries transactions, and bespoke capital solutions. Our multidisciplinary team advises private fund sponsors, institutional investors, and asset managers on the full spectrum of private investment fund secondary market activity, from traditional LP portfolio sales to complex GP-led transactions and innovative liquidity structures. Our attorneys are consistently recognized by leading private equity corporate publications, including Chambers, Legal 500, and others.
Practice Area
Winston & Strawn represents both private investment fund managers and institutional investors in the full range of legal and market practice issues involved in establishing, managing, and investing in private investment vehicles. By representing both managers and institutional investors, our attorneys have a unique perspective on the market drawing from in-depth experience and state-of-the-art knowledge of legal issues, deal terms, and market trends.
Insights & News 25 results
In the Media
|May 27, 2025
|1 Min Read
Brad Mandel Quoted in 2025 Secondaries Investor Law Firm Survey
Winston & Strawn was highlighted in the 2025 Secondaries Investor Law Firm Survey, and partner Brad Mandel, Co-Chair of the firm’s new Secondaries and Liquidity Solutions practice, provided insights on the record year in 2024 for the secondaries market and its continued positive outlook in 2025 in spite of market uncertainties. The survey observed incredible growth in the secondaries market, with continuation vehicles continuing to be utilized more and more, as well as LPs becoming more sophisticated in how they utilize secondaries.
Press Release
|May 6, 2025
|2 Min Read
Winston & Strawn Launches Secondaries and Liquidity Solutions Group
CHICAGO/NEW YORK—May 6, 2025— Winston & Strawn announced today the launch of its Secondaries and Liquidity Solutions Group, a multidisciplinary team that expands on the firm’s longstanding work delivering strategic counsel across the full spectrum of private equity secondaries market activity, including GP-led continuation fund and other sponsor-side fund restructuring transactions, and traditional LP secondaries.
In the Media
|May 5, 2025
|1 Min Read
Brad Mandel Discusses Potential Impacts of Tariffs on the Secondary Market with SecondaryLink
Winston & Strawn partner Brad Mandel spoke with SecondaryLink to provide his insights on how tariff policies are set to influence the secondary market. When President Trump took office in January, markets were coming off highs, with the S&P 500 rallying 23% in 2024 and the secondary market reaching an estimated $162 billion. Trump’s tariff announcements have since triggered swings in public equities and heightened volatility, sparking various questions in the secondary market. In the Q&A, Brad touched on topics including how the tariffs will impact secondary market volume and fundraising, seller behavior and motivations, strategy pricing and demand shifts, and more.