What was once considered a niche corner of private markets is now becoming one of the most powerful forces in finance.

According to Adrian Millan, Partner at PJT Partners and a leader in one of Wall Street’s most innovative secondary advisory teams, the secondary market has grown tenfold in the last decade, reaching roughly $165 billion in annual activity. And the next decade could be even more dramatic with forecasts suggesting the market could approach $1 trillion by 2030.

In this conversation, Adrian explains why secondaries are transforming private markets, how technology is redefining investment banking workflows, and why the best bankers never stop challenging the status quo.

For decades, private markets operated under a simple premise: investors committed capital and waited years for liquidity. But today’s investors both institutional and retail are demanding greater flexibility.

That shift has fuelled extraordinary growth in secondaries.

What was once a niche strategy has become a critical liquidity tool for both limited partners (LPs) and general partners (GPs). Whether helping LPs rebalance portfolios or enabling GPs to extend the life of high-performing assets, the secondary market now sits at the heart of private capital.

For Adrian, the opportunity is clear: the market is only just getting started.

With growth comes complexity. Adrian believes the biggest challenge for the next generation of investment banks will be scaling operations without simply adding more people.

Today, the secondary market handles roughly 250 “deals of consequence” annually. Over time, that number could reach 1,000 deals per year.

The question becomes: how do you manage that scale?

For Adrian, the answer lies in technology.

Rather than automating decisions, the goal is to re-engineer the transaction process itself, particularly at the beginning and end of deals. By improving how deals are set up and closed, PJT aims to reduce typical deal timelines from three months to closer to two.

Technology, he notes, is not about replacing bankers, it’s about freeing them to focus on judgment, nuance, and client relationships.

One of the reasons Adrian believes PJT has attracted top talent is its culture.

Unlike many large banks with siloed business units and independent P&Ls, PJT encourages collaboration across teams. Problems are tackled collectively, allowing both junior and senior professionals to contribute ideas.

That environment creates what Adrian calls “white space”. Room for professionals at every level to challenge how things are done.

“Hierarchy doesn’t inhibit growth,” he explains. “That’s a pretty compelling offering from the most junior to the most senior person.”

In an industry often defined by rigid structures, that kind of openness can be a powerful differentiator.

Looking back at his own career, Adrian doesn’t believe in rigid career paths.

Early experimentation whether through international experience, corporate development roles, or different areas of finance can provide the perspective needed to find the right long-term fit.

Rather than following a predetermined script, Adrian encourages young professionals to explore broadly and build diverse experience early.

Those experiences help shape judgment and build the confidence needed to make independent decisions later in your career.

Adrian also emphasises the importance of building a network beyond investment banking.

Peers in private equity, consulting, and industry roles can provide a valuable perspective when evaluating career decisions or understanding broader market trends.

These conversations help professionals challenge their own assumptions and avoid the echo chambers that sometimes develop within finance.

A strong network, in other words, becomes a form of career calibration.

One of the themes Adrian returns to throughout the conversation is the importance of questioning established processes.

In fast-moving markets, complacency can be dangerous.

Instead of relying solely on pattern recognition from the past, he believes professionals should regularly step back and ask whether a better approach exists.

“Let me bring my best ideas forward,” he says. “Let me challenge whether this process should work differently.”

That mindset combining experience with intellectual curiosity is often what separates good bankers from great ones.

Investment banking is not an easy career. Deals fall apart. Markets shift. Competition is relentless. But Adrian believes success ultimately comes down to perseverance.

“If you don’t quit, you can’t lose.”

For those willing to embrace challenging environments, stay curious, and continually rethink how things are done, the opportunities ahead particularly in markets like secondaries are enormous.

As private markets evolve and technology reshapes the way deals are executed, the next generation of bankers will not just execute transactions.

They’ll help redesign the system itself.