The private equity secondaries market has surged past $160 billion in annual volume, and Arcano Capital believes the wave is far from being over, especially in Europe. Ricardo Miró-Quesada, Partner and Head of Private Equity at Arcano, outlined the firm’s conviction in secondaries as both a liquidity solution and a strategic tool for institutional portfolios.
Arcano, a €12 billion AUM alternative asset manager headquartered in Madrid, has been active in private markets for two decades. According to Miró-Quesada, the rapid evolution of GP-led transactions, growing demand for flexibility, and a backlog of post-2020 vintages poised to hit the secondary market are all fueling strong momentum.
Despite the U.S. leading global activity, Europe’s role is expanding, with significant room for growth as transparency improves and more investors look to optimize allocations. “We’re seeing a shift—from selling out of necessity to managing portfolios with intent,” he said.
With deep GP and LP relationships and long-standing access to deal flow, Arcano is doubling down on secondaries as a key growth pillar across its private equity platform. For Miró-Quesada, the trend is clear: “We’re still early. The real opportunity is just beginning.”
