Driven by all-time highs in both GP- and LP-led transactions, the secondary market continued its record-breaking run in 2025—and market insiders are projecting $250 billion in total volume this year.
That’s according to William Blair’s annual Secondary Market Report, which details our latest survey findings and provides highlights and analysis from our Private Capital Advisory team.
Key highlights include:
- Continued growth in the secondary market, across LP- and GP-led transactions
- Capital formation for secondaries
- A deep dive on continuation fund pricing and terms
- A look at the European GP-led market
- The long-term growth outlook for secondaries