The secondary market for private assets has surged in 2025, with transaction volumes reaching a record $226 billion amid evolving deal structures and greater price discipline, transforming how private equity stakes are traded.
The secondary market for private assets has moved from the fringes to the centre of capital markets, driven by a surge in deal activity and evolving deal structures that together are reshaping how venture and private equity stakes change hands. According to Evercore’s year‑end review, transaction volume in 2025 climbed about 41% year‑on‑year to roughly $226 billion, marking a breakout moment for secondaries that industry participants say will endure.
That expansion reflects several converging trends. Evercore’s analysis points to greater pricing discipline around the largest private technology companies , which the report identifies as a group including SpaceX, OpenAI, Stripe, Databricks, Fanatics, Canva and Anthropic , where venture stakes began trading at consistent discounts to the last primary rounds, typically in the 10–15% range. Market participants say that pricing realism has become a reference point for the broader secondary market, tempering the gap between primary expectations and current buyer demand.
Structurally, a significant share of activity has been GP‑led: managers are migrating select portfolio companies out of maturing funds into continuation vehicles or new SPVs in order to extend hold periods. These GP‑led continuation transactions have been a major contributor to volume, while a parallel trend , the growth of smaller, individually led secondary SPVs , has opened the market to new buyers. Platforms that simplify SPV formation have enabled syndicate leads to compete with large secondary funds for multi‑million‑dollar blocks from early employees and founders.
The market’s scope is broader than venture. Reporting from Jefferies and other trackers showed record first‑half volumes in 2025 for private fund stake trades, and increasing participation from buyers of private equity and private credit stakes. Industry coverage notes that portfolio sales by limited partners also rose materially, with LP‑driven portfolio transactions remaining a core engine of secondary flow.
There are clear operational distinctions between primary and secondary SPVs that matter to investors. Primary deals often embed signalling and future‑growth assumptions into valuation, whereas secondary prices reflect immediate market appetite and liquidity. Secondaries tend to close faster , a matter of weeks rather than the many months often required for primary allocations , but that speed can be illusory unless legal and contractual frictions are resolved.
One of the most pervasive frictions is the right of first refusal. Many issuers reserve the ability to approve or buy shares offered on the secondary market, and exercising that right can derail or delay transactions. Syndicators report that the smartest approach is to address ROFRs early: where possible, negotiate them out at the outset; where they remain, secure a soft waiver or clear indication from the company’s finance team before notifying limited partners or calling capital. If the issuer intends to exercise its preference, transparency early in the process avoids the reputational and logistical costs of returning invested capital.
Despite these complications, many investors and managers view secondaries as a necessary mechanism for portfolio liquidity and capital recycling rather than a temporary fad. According to coverage across industry outlets, the secondary market’s record activity in 2025 has encouraged new entrants and innovation in deal structures, from continuation funds to bespoke SPVs, reinforcing secondaries’ role as both exit route and entry point for private‑market exposure.
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- https://www.propelx.com/blog/navigating-secondary-syndicates/ – Please view link – unable to able to access data
- https://www.propelx.com/blog/navigating-secondary-syndicates/ – This article discusses the emergence of secondary syndicates and the secondary market for private assets, highlighting a 41% year-on-year increase in secondary deal volumes in 2025, reaching $226 billion, as reported by Evercore Inc. It explores factors contributing to this surge, including pricing realism, GP-led continuation SPVs, and the rise of ‘solo secondaries’. The piece also contrasts primary and secondary SPVs, noting differences in asset pricing, risk levels, and closing speeds. Additionally, it addresses the impact of the Right of First Refusal (ROFR) on secondary SPVs and offers strategies for syndicators to navigate these challenges.
- https://au.finance.yahoo.com/news/private-asset-secondary-deals-hit-135210806.html/ – This article reports that secondary deal volume for private assets reached a record $226 billion in 2025, marking a 41% increase from the previous year, according to a report by Evercore Inc. The growth was driven by innovation in deal structures and ongoing liquidity needs, with the market expanding beyond traditional buyouts. Private credit secondaries achieved record levels of fundraising and activity, while continued expansion in infrastructure and venture capital helped diversify the market. Portfolio sales by limited partners rose approximately 35% to $120 billion, remaining a key driver of secondary activity.
- https://www.crowdfundinsider.com/2025/07/246555-private-securities-secondary-market-volume-tops-100-billion-a-new-record/ – This article highlights that secondary transactions of private securities hit a new record in the first half of 2025, surpassing $102 billion. The surge underscores the market’s expanding strategic role in private capital, as both sponsors and investors increasingly rely on secondaries to navigate liquidity challenges in a persistently complex macro environment. The growth is driven by new buyers of private-fund stakes, who are capitalizing on the opportunity to invest in established funds, particularly in the private equity sector, where midmarket firms are turning to the secondary market to secure additional funds and extend the life of their existing investments.
- https://www.ainvest.com/news/secondary-market-sets-record-103-billion-transactions-2507/ – This article reports that the secondary market for private fund stakes reached a record high in the first half of 2025, with Jefferies tracking $103 billion in transactions, a 51% increase from the previous year. Evercore also saw a 42% increase, with $102 billion in deals. The growth in the secondary market is driven by new buyers of private-fund stakes, who are capitalizing on the opportunity to invest in established funds. This trend is particularly notable in the private equity sector, where midmarket firms are turning to the secondary market to secure additional funds and extend the life of their existing investments.
- https://www.bloomberg.com/news/features/2025-10-27/private-equity-market-revitalized-by-200-billion-secondaries-boom – This article discusses the booming market for secondary transactions, with the market for secondaries on pace to pass $200 billion in 2025, more than triple its size in 2020. The surge is driven by investors seeking liquidity and the increasing role of secondaries within investor portfolios. The article highlights the role of Evercore’s Nigel Dawn in driving this growth and the impact of secondaries on the private equity market.
- https://www.evercore.com/wp-content/uploads/2026/02/Evercore-PCA-2025-Secondary-Market-Report.pdf – This report presents Evercore’s year-end review of the private capital secondary market, drawing on insights from the Private Capital Advisory (PCA) team, the world’s largest secondaries advisory business. The analysis includes a survey of more than 100 global investors, alongside relevant third-party market data. The report highlights that the private capital secondary market reached a record high in 2025, with annual transaction volume exceeding $200 billion for the first time, underscoring continued market growth, industry acceptance, and the increasing role of secondaries within investor portfolios.
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:
7
Notes:
The article references Evercore’s 2025 Secondary Market Report, which was published in February 2026. ([evercore.com](https://www.evercore.com/wp-content/uploads/2026/02/Evercore-PCA-2025-Secondary-Market-Report.pdf?utm_source=openai)) However, similar data points have been reported by other sources, such as Bloomberg Law in January 2026. ([news.bloomberglaw.com](https://news.bloomberglaw.com/mergers-and-acquisitions/private-secondaries-deals-hit-226-billion-amid-thirst-for-cash?utm_source=openai)) This suggests that the content may not be entirely original and could be recycled from existing reports.
Quotes check
Score:
6
Notes:
The article includes a quote attributed to Nigel Dawn, Evercore’s global head of private capital advisory. ([au.finance.yahoo.com](https://au.finance.yahoo.com/news/private-asset-secondary-deals-hit-135210806.html/?utm_source=openai)) However, this quote appears in multiple sources, raising concerns about its originality and potential reuse.
Source reliability
Score:
8
Notes:
The article cites Evercore, a reputable financial advisory firm, as the primary source. However, the presence of similar content across various platforms suggests that the article may be summarizing or aggregating information from Evercore’s report without providing new insights.
Plausibility check
Score:
7
Notes:
The claims about the growth of the secondary market and the involvement of major private technology companies are plausible and align with industry trends. However, the lack of unique insights or additional data points raises questions about the article’s originality.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article heavily relies on Evercore’s 2025 Secondary Market Report and includes quotes from their representatives, raising concerns about originality and potential reuse of content. The lack of independent verification and the presence of similar content across various platforms suggest that the article may be derivative and not sufficiently original.