Ryan Miller
speaker
4,581 appearances
12 recordings
2 series
first heard Mar 2026
last heard 10 Aug
Ryan Miller’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.
Appearances
That investor group eventually becomes a person who must transact.
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So where do they go?
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They go to secondaries.
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Look at what happened.
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Global secondary transaction volume hit a hundred and three billion dollars in the first half of twenty five alone, up fifty-one percent, sixty-eight billion in the first half of twenty twenty-four.
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A six-month record running at a full-year pace north of two hundred and ten billion dollars.
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And what do they sell at?
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Average investor portfolio pricing came in around ninety percent of nav in the first half of twenty five.
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Transaction weighted average discounts of about thirteen point three percent.
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Read that again.
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Sophisticated institutions, pensions, endowments, insurers are selling high quality private assets at roughly a thirteen percent discount to carry value.
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Not because the assets are bad, because they need cash.
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And the calendar says right now.
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That is a four-seller.
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That is Bury's subprime borrower wearing a better suit.
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And on the GP side of the ledger, the same pressure shows up as continuation vehicles.
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The average continuation vehicle in 25 was about $900 million.
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And the number of GP led deals over a billion dollars went from 21 in 2024 to 29 in 2025.
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Nearly 8% of the top 100 sponsors by AUM have now done one.
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Continuation vehicles are what a GP does when the fun clock runs out, but the asset isn't ready.
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Showing 241–260 of 4,581 · page 13 of 230
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