Repackaged secondaries – where secondaries firms sell-on part of their own portfolios – are on the increase, in a development that adds another layer of deals – and complexity – into the private equity market.

A study by advisory firm Campbell Lutyens found that more than half of the 30 largest investors in second-hand fund stakes have sold part of their own funds on the secondaries market. In addition, around half of the 30 said they had sold on parts of their own funds of funds, which invest across a range of private equity managers.