The secondary market grew 53% in 2025, generating an estimated $233 billion in transacted volume versus $152 billion in 2024. GP-led deals reached $116 billion while LP-led transactions hit $117 billion.
Sponsors and limited partners remained motivated to create incremental liquidity beyond the capacity of improved M&A and IPO markets. New entrants to secondary investing, the continued rise of semi-liquid secondary investing vehicles and successful fundraising across the secondary market have collectively increased deployable capital into secondary transactions and helped sustain strong pricing in the overall market. Alongside expected growth in strategic and traditional sponsor M&A, we expect sponsors and limited partners to remain active in utilizing the secondary market to produce liquidity in 2026.
