Ryan Binette

Ryan Binette is a Managing Director and Co-Head of Secondary Capital Advisory at Piper Sandler, advising institutional investors on secondary portfolio transactions. He helps LPs understand that the opportunity cost of holding underperforming fund interests often outweighs the pain of accepting a discount, and that a well-structured competitive process can demonstrate genuine market-clearing value. Binette sees growing LP sophistication in using the secondary market proactively for portfolio rebalancing rather than as a last resort.

• Opportunity cost analysis of holding versus selling tail-end fund interests
• Lp portfolio rebalancing using secondary market transactions
• Competitive sale process design to maximize secondary transaction value
• Challenges of attracting buyers for deeply discounted tail-end positions
• Early secondary sales driven by LP sector and strategy repositioning
• Gp-lp relationship dynamics in LP-initiated secondary transactions
• Buyer universe segmentation across secondary portfolio processes
• Private equity fund performance peak at year nine and its implications

Liquid Courage Episodes

• Don't Worry About the Discount, Secondary Seller