Verdun Perry, Global Head of Strategic Partners at Blackstone, has forecast that global private equity secondary market volume will more than double to exceed $400bn annually by 2030, driven by increasing demand for liquidity solutions and portfolio rebalancing among institutional investors, according to a report by Bloomberg.
Speaking in a Bloomberg TV interview, Perry described secondaries as the most underutilised tool in private markets, asserting their growing relevance in both buoyant and subdued market environments.
Transaction volume in 2025 is on track to surpass $220bn, following a record $103bn completed in the first half of the year, according to recent data from Jefferies. This represents a 51% year-on-year increase, reflecting continued momentum amid limited exit activity and slower capital distributions from traditional buyout strategies.
Continuation vehicles – GP-led secondary structures used to extend ownership of existing portfolio companies – continue to dominate deal flow. According to Jefferies, these structures accounted for the majority of H1 activity, as sponsors increasingly turn to secondaries to manage fund lifecycle constraints and retain control of high-performing assets.
Perry noted a growing bifurcation in continuation fund usage, with general partners using them strategically to hold prized assets, while others are relying on them after failed exit processes. The former, he added, are more likely to attract investor backing going forward.
Institutional LPs are also becoming more active on the sell-side as part of deliberate portfolio construction and liquidity management strategies. In May, Blackstone executed one of the largest secondary transactions to date, acquiring $5bn in private equity stakes from the New York City pension system in a portfolio realignment exercise.
