Secondaries: What exactly do they invest in? Private credit? Buy-outs / equity?

I know that secondaries have been exploding in fundraising. In 2023, LPs doubled the amount of capital dedicated to this asset class. What confuses me is what exactly do they invest in?

I heard Apollo recently raised a secondaries fund going to private credit. I'm hoping to understand how much of the secondaries focus on equity investments, debt investments, and how much of the equity investments are controlling vs minority.

Thank you!

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