Campbell Lutyens’ latest Secondary Market Overview reveals a record-breaking first half, with volumes reaching $110bn - up 59% year-over-year and on track to exceed $200bn by the 2025 year-end. 

The report draws on insights from over 120 leading secondary buyers, highlighting strong momentum across LP- and GP-led markets, the growing influence of evergreen funds, and surging activity in infrastructure and private credit secondaries. Discover what’s driving the market and what to expect in 2H 2025.

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