Our Key Findings:
- The GP-led market in 2024 generated $72 billion, building on early-year strength, with Single-Asset Continuation Funds surging in popularity for "trophy" asset deals.
- GP-led pricing improved across deal types, with secondary investors deploying larger check sizes compared to prior years. North America remained the largest market, normalizing volumes after an active first half in Europe.
- The LP-led market continued to grow as strengthened pricing and high liquidity demand persisted. Improved visibility into near-term liquidity events significantly boosted Buyout pricing.
- Notable improvements in appetite for Growth and Venture Capital were driven by dedicated capital pools, with rising ’40 Act fund inflows fueling competition and higher pricing for diversified portfolios.
- Capital formation in the secondary market is growing steadily, with several large managers expected to hold closings for flagship and specialized funds in 2025.
- Secondary managers who held large final closings earlier in 2024 are preparing to reenter the market, with many planning to fundraise next year.
- Success in fundraising for sub-strategies (e.g., Private Credit, Infrastructure, and Venture Capital secondaries) and new entrants will inject more capital into the market, setting the stage for continued growth.
