Tariff Tumult to Fuel Secondaries Boom

Welcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we explore the early 401(K) beauty parade, why one levfin investor is greeting private credit competition warmly and how changes at two investing superpowers might impact private markets. But first, we look at how a wider ‘Sell America’ trade could smash records at secondary funds in 2026. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net

Already a lifeline for private equity investors shedding unwanted assets, a tentative ‘Sell America’ trade has increased the chances of another record-breaking year for secondary funds.