There are multiple reasons why spin-out teams are uniquely positioned to overcome hurdles facing first-time fund managers, writes Karl Adam, a partner at placement agent and advisory firm Monument Group.

Eastman Kodak's sale of a portfolio of illiquid fund stakes to Mastercard Foundation suggests further corporate LPs may come to the secondaries market as they go through structural shifts.

Investors share their views on the outlook for the industry in our annual LP Perspectives Study.