Capital Allocators Podcast Episode: Navigating the Evolution of Private Equity Secondaries
Jon Madorsky, Managing Partner at RCP Advisors, joins Ted Seides on the Capital Allocators podcast for a deep dive into the evolution of the secondaries market — from its early days as a “red-headed stepchild” to its current role as a sophisticated portfolio management tool.
In this insightful conversation, Jon unpacks:
✅ The history and maturation of the secondary market
✅ Key use cases, transaction types, and capital sources
✅ RCP’s investment philosophy and value creation levers
✅ Portfolio construction and exit strategies
✅ Perspectives on pricing, market growth, risks, and the future of the industry
Whether you’re a seasoned allocator or just curious about the mechanics behind secondaries, this episode offers a masterclass in navigating one of private equity’s most dynamic segments.
Listen to the full episode here
About RCP Advisors
Founded in 2001, RCP Advisors, a subsidiary of P10, Inc. (NYSE: PX), is a private equity investment firm that provides access to North American small buyout fund managers through primary funds, secondary funds, and co-investment funds, as well as customized solutions and research services. RCP believes it is one of the largest fund sponsors focused on this niche, with ~$17 billion in committed capital* and 56 full-time professionals as of June 20, 2025.
This podcast appearance was sponsored by RCP Advisors (“Firm”), which paid to participate in the episode. As a result of this compensation, there is a potential conflict of interest, as the host of the Capital Allocators podcast may be incentivized to portray the Firm in a favorable light.
This podcast and any accompanying materials (“Content”) are for informational and educational purposes only and do not constitute investment advice, a recommendation, or an offer to sell, or the solicitation of an offer to purchase, any security or investment product.
The Content reflects the personal views of the speaker(s) as of the date of recording and is subject to change without notice. Topics may include general commentary on the private equity secondary market, transaction types, capital sources, investment philosophy, value creation strategies, portfolio construction, exit approaches, market pricing, risk factors, and forward-looking views. These are intended to provide insight into industry practices and should not be interpreted as guarantees of future performance or outcomes. Words such as “expects,” “intends,” “anticipates,” “believes,” “estimates,” “may,” “might,” “will,” “would,” “project,” and “predict,” and similar expressions are intended to identify forward-looking statements and are not guarantees of future performance or results. Any forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results or events to differ materially from those predicted or anticipated. Accordingly, the audience should not rely on these statements. Targets and/or projections are only estimates of future results based on assumptions made at the time the projections are developed. There can be no assurance that the projected results are accurate or will be achieved, and actual results may vary significantly.
Any reference to specific investments, transactions, portfolio companies, or experiences is illustrative only, may not be representative of all investments, and should not be relied upon as an indication of future performance. Past performance does not predict, and is not a guarantee of, future results. No representation is made that any strategy or investment approach discussed will be successful or will achieve its objectives. This Content is not intended to be, and should not be construed as, a general solicitation or advertisement of any investment product. The Content is not directed at any specific prospective investor. Any offer to invest in a fund or investment product managed by RCP Advisors will be made solely to qualified investors by means of a confidential private placement memorandum, subscription agreement, and other definitive legal documents, and only in jurisdictions where permitted by law.
*“Committed capital” primarily reflects the capital commitments associated with our SMAs, focused commingled funds and advisory accounts advised by RCP since the firm’s inception in 2001 (including funds that have since been sold, dissolved, or wound down and certain historical advisory accounts for which RCP’s advisory contracts have expired). We include capital commitments in our calculation of committed capital if (a) we have full discretion over the investment decisions in an account or have responsibility or custody of assets or (b) we do not have full discretion to make investment decisions but play a role in advising the client on asset allocation, performing investment manager due diligence and recommending investments for the client’s portfolio and/or monitoring and reporting on their investments. For our discretionary SMAs and commingled funds, as well as for our non-discretionary advisory accounts for which RCP is responsible for advising on all investments within the client’s portfolio, committed capital is calculated based on aggregate capital commitments to such accounts. For non-discretionary accounts where RCP is responsible for advising only a portion of the client portfolio investments, committed capital is calculated as capital commitments by the client to those underlying investments which were made based on RCP’s recommendation or with respect to which RCP advises the client. Committed capital does not include (i) certain historical non-discretionary advisory accounts no longer under advisement by RCP, (ii) assets managed or advised by the Private Capital Unit, or by the HB Unit which are independent business lines of RCP 2, (iii) capital commitments to funds managed or sponsored by RCP’s affiliated (but independently operated) management companies (including, without limitation, Five Points, TrueBridge, Enhanced, Westech and Qualitas), and (iv) RCP’s ancillary products or services.