2025 Secondaries Market Flash Report
We are excited to share the highlights of our 2025 Secondary Market Flash Report, showcasing the trends that shaped yet another record-setting year for secondaries. Our analysis leverages proprietary data from over 100 of the most active market participants, providing a comprehensive view of the evolving liquidity needs, pricing dynamics, and strategy shifts across LP and GP-led transactions.
Our key takeaways:
Record Market Volume: The secondary market posted an unprecedented $225 billion volume, surpassing the $200 billion threshold for the first time. This was driven by concentrated activity among leading players, with over 71% of volume executed by the top 15 buyers.
Proactive Portfolio Management: There was a notable uplift in the volume of LP sellers through more proactive portfolio management. This was in part fueled by increasing participation from EMEA- and APAC-based sellers.
Continued Durability in Fund Pricing: LP-led pricing softened slightly due to a broader mix of fund quality traded; average LP-led discounts widened modestly to 13.9%, up from 13.3% in 2024. High-quality buyout, infrastructure, and direct lending portfolios continued to command strong pricing.
Diversifying Sponsors: We observed record continuation vehicle (CV) volume across credit, infrastructure, and energy sectors. Single-asset CVs are moving down-market, while multi-asset CVs continue to recapture market share as GPs focus on portfolio-level liquidity.
Stay tuned for our full report, which will be released in the coming weeks. In the meantime, you can access the full Flash Report here