A once-niche market for secondhand stakes in private funds is booming. What it's like to work in secondaries.

Getty Images; Tyler Le/BI

• The secondhand market for shares of private investment funds hit record highs last year.
• Demand for the strategy is expected to continue this year amid tariff and deal uncertainty.
• BI spoke to recruiters and insiders for a sneak peek inside the job of a secondaries investor.

There's one corner of the private investment world benefiting from the Trump bump going bust: Secondaries.

"Secondaries" professionals buy stakes in privately...