Transaction volumes in the private secondaries market rose to a record $226bn in 2025, driven by strong demand for liquidity from investors and continued growth in continuation fund activity, according to a report by Bloomberg citing Evercore.
Overall secondaries volumes increase 41% year on year, with portfolio sales by limited partners reaching $120bn, up around 35%, and remaining the largest source of deal flow. Transactions led by general partners also accelerate, rising by about 50% to $106bn, with continuation funds accounting for much of that volume.
General partners increasingly use continuation vehicles to retain high-performing assets for longer, supporting sustained momentum in the market even as primary private equity dealmaking begins to recover. Buyouts account for most GP-led transactions, with private credit representing around 11% of that volume.
Interest in secondaries is continuing to grow across the industry, with buyout firms such as Warburg Pincus, Golub Capital, and New Mountain Capital launching strategies to back continuation funds. Specialist secondaries managers are also raising larger pools of capital, including Coller Capital, which recently closed its largest fund to date at $17bn.
