Data Snapshot

Secondaries funds punch above their weight in real estate fundraising

Secondaries-focused fundraising totals represented just 4% of private real estate fundraising in 2025, but the strategy continues to attract capital commitments.

High-conviction deals gained favour from secondaries investors in H1

AI disruption ‘reverberated’ across both the LP-led and GP-led markets in the first half of the year, according to Campbell Lutyens’ Gerald Cooper.

More than half of secondaries investors run evergreen vehicles

Adoption of evergreen vehicles is broadening across the secondaries buyer universe, according to a report from Evercore, with this capital increasingly deployed into a broadening set of opportunities.

Secondaries volume extends record-breaking run in H1

‘The last several years have been very volatile… The fact that we still saw this record volume is remarkable,’ Jefferies’ Scott Beckelman tells Secondaries Investor.

Download: Secondaries fundraising surpasses $50bn in first half

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

The so-called ‘zombie fund’ problem persists and LPs are concerned

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Most LPs don’t expect CV activity to decline when exits improve

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

Fees and expenses survey: Seven key takeaways

Market participants have a keen eye on fees and expenses related to GP-led deals given many LPAs were not drafted with these transactions in mind.

Top performing CVs continue to show outperformance over buyout funds – Evercore

Evercore and HEC Paris’s fifth CV performance study includes 396 CVs formed between 2018 and 2024, a significant increase on the 140 funds analysed in the inaugural report.

Credit secondaries on track to reach $80bn+ in volume by 2030 – report

A white paper by Carlyle AlpInvest estimates there was $20bn of credit secondaries dry powder at the start of 2026, offering six to nine months of deployment runway at current deal velocity.