The market for second hand private-equity interests is increasingly awash with debt. Data from private-equity adviser Triago shows how much secondary investors have leveraged their deals to enhance returns. Based on an analysis of 1,217 transactions since 2013, Triago estimated that debt accounted for23% of the money spent on private-equity secondaries deals last year, up from 19% in 2016 and just 4% in 2013.
