Secondary Market Watch
Secondary Market Watch
09 Mar 2026
In edition four of Secondary Market Watch, we review 2025 - a record year for secondary market transactions. We explore the latest pricing trends across secondary markets and asset classes, highlighting the key themes influencing the valuation of private assets.
The secondary market continued to grow in 2025, reaching record transaction volumes. The LP led market is expected to have reached c.$120bn in deal flow during the year, a significant increase from $90bn in 2024. Robust demand from buyers, supported by new entrants and expanding pools of dedicated secondary capital, was met with significant supply across a variety of deals. Record fundraising and a steady pipeline of deals underscored the market’s resilience, even as exit activity slowed.
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