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STRATEGY IN FOCUS
INSIGHTS

Secondaries in 2025

Our report on the secondaries market in 2025 examines recent growth in both LP-led and GP-led transactions and considers fundraising and performance from private equity to infrastructure

  • Since 2022, the soft exit environment has been a boon to the secondaries market. We expect the LP-led market to deepen, with GP-led set to benefit from further growth

  • Continuation funds have become mainstream in private equity, representing almost half of the secondaries market

  • Although private equity secondaries dominate by share of AUM, infrastructure secondaries are forecast to experience faster AUM growth and higher performance in 2023–2029F

STRATEGY IN FOCUS
INSIGHTS
June 18, 2025
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