XPS guide to selling on the secondary market

XPS guide to selling on the secondary market

15 Sep 2025

Driven by highest gilt yields this century and improved funding levels, many pension schemes are turning to the secondary market to sell their private market assets as they de-risk. Meanwhile, the growing number of opportunities available in the market are fuelling buy-side interest from other schemes further from their endgame targets. 

Trading these illiquid assets is quite different from trading more liquid ones, and there are several factors to consider as part of a smooth process.

In this briefing note, informed by our experience of trading £330m of assets since we formally launched, we set out our tips to help you navigate a private market transaction successfully.

Download the XPS Investment Briefing here