In its latest report, William Blair’s Private Capital Advisory team outlines what drove secondaries in 2025 and why the market is in a strong position going into next year.
Key takeaways include:
- LP-led activity remained incredibly dynamic, showing no lasting effects of April's tariff uncertainty, with sellers increasingly motivated in recent months.
- For GP-leds, strength in multi-asset continuation funds continued and second-half growth in the single-asset category appears poised to carry over into 2026.
- Significant momentum for capital formation, including the acceleration of direct buyout groups forming secondary strategies and the ever-increasing role of '40 Act funds, facilitated additional market growth.