FY2024 Secondary Market Overview
We are pleased to share our Full Year 2024 Secondary Market Overview.
This report provides our insight on the dynamics, trends, and factors that have shaped the industry over the past twelve months.
2024 was a record year for secondary market volumes as buyout LP-led pricing exceeded levels seen in 2021, and single-asset continuation funds surged as an alternative exit path to M&As and IPOs.
We expect 2025 volumes to at least match 2024 levels. Continued growth is expected to be driven by private credit and infrastructure playing a greater role, and a more favorable pricing environment as a wider set of buyers have raised or dedicated substantial pools of capital to the industry.
Key findings include:
Record year for volumes
Secondary market volumes reached a record $155 billion, surpassing previous highs reached in 2021 by 15%.
Demand for software technology assets continues to rise
Continuing the trend identified in our 1H 2024 report, the demand for software technology grew by nearly $7 billion during the full year 2024 compared to 2023.
Single-asset continuation funds surged
Single-asset continuation fund dollar volumes nearly doubled compared to the prior year, reaching $36 billion in 2024.
Buyout LP-led pricing rebounded.
Pricing rebounded to peak levels last seen in 2021, with discounts for mega buyout funds in LP-led transactions hit an average of ~9%.
Evergreen funds play a larger role
Evergreen funds made their biggest impact yet on the secondaries landscape in 2024. Evergreen capital earmarked for Secondary transactions equated to ~7% of total secondaries funds raised in 2024.