Lazard Research & Insights
February 23, 2026
Lazard 2025 Secondary Market Report
The secondary market just had its biggest year on record. 2025 saw $233 billion in secondary transaction volume—a 53% increase over 2024 and well above the previous peak set in 2021.
Lazard 2024 Secondary Market Report
This year, the secondary market hit a record $152 billion in volume, surpassing the previous high set in 2021.
An Inflection Point for Corporate Infrastructure
The global infrastructure landscape finds itself at an inflection point. Over the past decade, the definition of infrastructure has dramatically broadened, creating new opportunities, but also new challenges around financing and locating sources of capital.