Why secondaries are in the spotlight

The private equity secondary market is experiencing a surge in activity, with global volumes projected to reach $200bn in 2025. Traditionally used by distressed sellers, secondaries have evolved into a strategic tool for institutional portfolios—offering liquidity, diversification and value. In a high-rate environment with slower exits and extended holding periods, many limited partners are turning to secondary sales to rebalance allocations. For buyers, this can create a favourable pricing environment and wider access to mature portfolios—often at significant discounts. For those seeking...