Global secondary-market transactions surged to a record $225 billion in 2025, with regional dynamics shifting and new deal structures broadening investor options amid a backdrop of muted private market exits.
Global secondary-market activity surged to unprecedented levels in 2025 as investors turned to the market for liquidity and general partners sought alternative routes to manage ageing portfolios, according to a Campbell Lutyens report.
The private-capital adviser estimates secondary transaction value reached about $225 billion last year, a roughly 45% increase on 2024 and the largest annual total on record. LP‑led sales were the dominant force, making up about 54% of the total , roughly $121.5 billion , as pensions, sovereign wealth funds and endowments used secondaries to rebalance holdings rather than simply to meet emergency cash needs, the report said.
GP‑led activity also expanded significantly, climbing more than 40% year on year as sponsors used continuation vehicles to retain exposure to top-performing assets while extending hold periods. Multi‑asset continuation vehicles accounted for about 44% of GP‑led deals, broadening the appeal to a wider set of buyers. The market for credit-focused continuation vehicles grew sharply, rising to around $12 billion, and infrastructure secondaries increased to roughly $11 billion, underscoring demand for cash-generative, lower-volatility assets.
Regional dynamics shifted as Asia‑Pacific sellers played a larger role, contributing about 18% of global secondary volume in 2025, up from roughly 8% the prior year. Campbell Lutyens said institutions across the region were rebalancing amid slower exit activity and allocation pressures; several large Asian LPs were reported among sellers. Pricing held up for top-tier assets despite the surge in supply: average discounts in LP‑led transactions widened modestly to around 14%, while large and mid‑market blue‑chip buyout funds continued to trade in the mid‑90s as a percentage of net asset value, with some premier portfolios fetching par or better.
Independent industry data and other market research corroborate the broad trend of intensifying secondary demand. An S&P Global Market Intelligence analysis noted a rapid rise in secondaries fundraising during 2025, with twelve funds raising $38.77 billion by mid‑June and 215 private‑equity secondaries funds actively seeking capital , the largest pipeline in at least a decade. That pace suggested full‑year commitments could top $60.8 billion. UBS and Campbell Lutyens’ own mid‑year overviews documented a blockbuster first half: UBS recorded about $101 billion of secondary transactions in 1H 2025 while Campbell Lutyens put 1H volumes at roughly $110 billion, both pointing to momentum that carried through the year.
The expansion in secondaries has been driven in part by muted distributions from private markets. Preqin data cited by S&P showed aggregate exit value across private equity channels fell to a five‑year low in 2024, which has left limited partners under pressure to generate liquidity through other means. Campbell Lutyens characterised secondaries as becoming a structural, rather than cyclical, outlet for the industry’s liquidity bottleneck.
Competition for deals intensified as buyers became better capitalised. The adviser reported evergreen and semi‑liquid vehicles now manage in excess of $100 billion, increasing the pool of available capital to absorb heightened supply. At the same time, Campbell Lutyens’ infrastructure research flagged strong fundraising for unlisted infrastructure and a growing cohort of LPs active in infrastructure secondaries; the firm projected infrastructure secondaries could surpass $20 billion in 2025, reflecting sustained interest in essential and digital infrastructure assets.
Market participants describe a more heterogeneous secondary landscape. Continuation vehicles are now being used to crystallise value, raise follow‑on capital and provide liquidity without forcing forced sales, while bundled multi‑asset programmes aim to attract a broader buyer base. That evolution has widened the range of strategies available to both sellers and purchasers and has drawn capital that previously avoided secondaries.
Despite the record volumes, the market faces questions about sustainability. A growing number of funds seeking allocations, rising competition among well‑funded buyers and an expanded supply of LP‑led and GP‑led opportunities could compress returns and push valuation dynamics over time. For now, however, the combination of prolonged hold periods by GPs, constrained exit channels and ample secondary capital has established secondaries as a central component of private‑markets liquidity management, the Campbell Lutyens report concluded.
- https://www.dealstreetasia.com/stories/secondaries-campbell-lutyens-470718 – Please view link – unable to able to access data
- https://campbell-lutyens.com/news-insights/publications/2026/2025-secondaries-market-flash-report/ – Campbell Lutyens’ 2025 Secondaries Market Flash Report highlights a record-breaking $225 billion in secondary market volume, marking a 45% increase from the previous year. The report notes that LP-led transactions accounted for approximately 54% of this volume, driven by pensions, sovereign wealth funds, and endowments using secondaries as a portfolio management tool. GP-led deals also saw significant growth, with volumes rising over 40% year-on-year, as sponsors sought to extend hold periods on top-performing assets through continuation vehicles. The Asia-Pacific region’s contribution to the market increased to about 18%, up from roughly 8% the year before, as institutions across Asia looked to rebalance portfolios amid slower exit activity and allocation pressure. The report also highlights the resilience of pricing for high-quality assets, with average discounts in LP-led transactions widening modestly to about 14%, and blue-chip buyout funds trading in the mid-90s as a percentage of net asset value. The GP-led market became more diverse, with multi-asset continuation vehicles accounting for roughly 44% of GP-led activity, and credit-focused continuation deals rising about 66% to $12 billion, while infrastructure secondaries climbed to around $11 billion. The report concludes that secondaries are increasingly seen as a permanent fixture of private markets, serving as a structural release valve for the industry’s liquidity bottleneck.
- https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/6/private-equity-secondaries-fundraising-struggles-to-keep-pace-with-demand-90991932 – An S&P Global Market Intelligence article from June 2025 discusses the acceleration of private equity secondaries fundraising, noting that twelve funds collected $38.77 billion in capital commitments by mid-June. This pace suggests that private equity secondaries fundraising is on track to exceed $60.78 billion for the full year 2025. The article highlights that 215 private equity secondaries funds are actively seeking capital, the highest count in at least a decade. This surge in fundraising is driven by a growing opportunity in secondary market deals, which reached a record $155 billion in 2024, a 15% increase from the previous record of $135 billion set in 2021. The article contrasts this with the value of private equity and venture capital investments by primary funds in 2024, which, while higher than the prior year, remained 45% below the 2021 peak.
- https://campbell-lutyens.com/news-insights/publications/2025/infrastructure-market-report/ – Campbell Lutyens’ Infrastructure Market Report 2025 reveals a critical need for essential infrastructure and digitalisation, alongside trends in AI, urbanisation, and energy usage. The report notes that competition for capital has softened but remains high, fuelled by a high volume of funds in the market and capital being directed towards large-cap fundraises. However, capital closed this year to date by unlisted infrastructure funds ($182 billion) already exceeds the total capital raised in 2024 ($99 billion), demonstrating strong momentum. The report also highlights that annual distributions across private markets have hit their lowest rate since the global financial crisis, leading to a shift in focus from NAV growth to value crystallisation, with GPs required to demonstrate executable exit routes. Infrastructure secondaries volumes are projected to surpass $20 billion for the first time in 2025, reaching $21.5 billion, reflecting a 10% year-on-year increase in LPs active in the secondary market. The report anticipates a record year for GP-led secondaries, as GPs increasingly turn to the secondary market to raise follow-on and growth capital and lock in realised returns.
- https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/1/private-equity-exit-value-falls-to-5year-low-86896433 – An S&P Global Market Intelligence article from January 2025 reports that the value of global private equity exits—including IPOs, secondary buyouts, trade sales, and bankruptcies—reached a five-year low of $392.48 billion in 2024, according to Preqin data. Trade sales, including sales to management, accounted for around half of this total, at $193.6 billion across 1,177 transactions. Secondary buyouts represented 38% of deal value, IPOs accounted for 12%, and bankruptcies made up over 2%. The article notes that exit volume increased by over 5%, reaching 2,227 in 2024, up from 2,108 in 2023, aligning with annual totals across the past five years excluding 2021, when the number of deals exceeded 3,000.
- https://campbell-lutyens.com/news-insights/publications/2025/campbell-lutyens-1h-2025-secondary-market-overview/ – Campbell Lutyens’ 1H 2025 Secondary Market Overview Report reveals a record-breaking first half, with volumes reaching $110 billion—a 59% year-over-year increase and on track to exceed $200 billion by the 2025 year-end. The report highlights strong momentum across LP- and GP-led markets, the growing influence of evergreen funds, and surging activity in infrastructure and private credit secondaries. It draws on insights from over 120 leading secondary buyers, indicating a robust and expanding market landscape.
- https://www.ubs.com/global/en/investment-bank/insights-and-data/2025/secondary-market-activity-h125.html – UBS’s report on secondary market activity in the first half of 2025 highlights a historic transaction volume of $101 billion, representing a 42% increase over the prior year period and nearly 90% of full-year 2023 volume. General partner (GP)-led volume accounted for $46 billion, a roughly 60% uptick compared to 1H 2024, driven by a surge in multi-asset continuation fund volume. Limited partner (LP)-led transactions totaled $55 billion, fueled by persistent liquidity pressures and portfolio rebalancing needs amid budgetary constraints and regulatory shifts. The report underscores the growing significance of continuation funds and the evolving dynamics of the secondary market.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on Campbell Lutyens’ 2025 Secondary Market Flash Report, published on 27 January 2026. ([campbell-lutyens.com](https://campbell-lutyens.com/news-insights/publications/2026/2025-secondaries-market-flash-report/?utm_source=openai)) The data aligns with previous reports from Campbell Lutyens, such as the 1H 2025 Secondary Market Snapshot published on 28 July 2025. ([campbell-lutyens.com](https://campbell-lutyens.com/news-insights/publications/2025/1h-2025-secondary-market-snapshot/?utm_source=openai)) No evidence of recycled news or outdated information was found.
Quotes check
Score:
10
Notes:
The article includes direct quotes from Campbell Lutyens’ reports, such as: “We are excited to share the highlights of our 2025 Secondary Market Flash Report…” ([campbell-lutyens.com](https://campbell-lutyens.com/news-insights/publications/2026/2025-secondaries-market-flash-report/?utm_source=openai)) These quotes are consistent with the original sources and have not been found in earlier publications.
Source reliability
Score:
10
Notes:
The article cites Campbell Lutyens, a reputable private capital adviser, as the primary source. The data is corroborated by other reputable sources, including S&P Global Market Intelligence, which reported on private equity secondaries fundraising struggles to keep pace with demand. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/6/private-equity-secondaries-fundraising-struggles-to-keep-pace-with-demand-90991932?utm_source=openai))
Plausability check
Score:
10
Notes:
The reported figures are consistent with industry trends and other reputable sources. For example, S&P Global Market Intelligence reported that private equity secondaries fundraising is accelerating, though not fast enough to meet the growing demand for liquidity. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/6/private-equity-secondaries-fundraising-struggles-to-keep-pace-with-demand-90991932?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides a factual summary of Campbell Lutyens’ 2025 Secondary Market Flash Report, with data corroborated by other reputable sources. No significant concerns were identified regarding freshness, quotes, source reliability, plausibility, paywall status, content type, or verification independence.