Activity in secondaries continued its historic pace in recent months, moving past a brief trade-related blip last spring. Market insiders now predict nearly $200 billion in volumes by the end of 2025.
In its latest report, William Blair’s Private Capital Advisory team outlines what’s driving the market and discusses secondaries’ resilience.
Key takeaways include:
- LP-leds surge as funds look to monetize and sellers become more motivated
- Continuation funds’ volumes continue to grow as liquidity concerns remain in focus
- Outlook for 2026 remains bullish as adoption of the technology continues to grow, additional capital has come online, and liquidity needs remains dire