Ryan Schlitt

Ryan Schlitt is a Managing Director and Global Head of the Private Capital Advisory Group at Piper Sandler, where he has helped build one of the most comprehensive private capital advisory practices in the market. Having been present at the formation of major secondary platforms including Coller Capital and Strategic Partners (now Blackstone), Schlitt argues the secondary market is still in its early innings given the sheer volume of private assets that will require future liquidity. He forecasts alternatives AUM growing from $6.6 trillion to over $11 trillion by 2029 at a 13.8% CAGR.

• Piper Sandler identification of 30,000 PE-owned businesses held over five years in the US
• Pure math argument for continued secondary market growth as private assets multiply
• Continuation vehicles as a secular trend, not just a temporal liquidity response
• Growth of retail and private wealth alternatives access and its secondary implications
• Early career lessons from fundraising for Coller Capital and Strategic Partners
• Active second half 2025 and 2026 outlook for traditional secondary liquidity
• 13.8% CAGR forecast for alternatives AUM through 2029
• Three fund situation types driving secondary flow: wind-ups, struggling exits, and trophy assets

Liquid Courage Episodes

• What's Ahead for Secondaries? 'Exponential Growth,' Says Piper Sandler2025-11-04