Data Snapshot

Majority of CVs run by mid-market GPs in 2025 equivalent to 50% or more of latest flagship – Lazard

As mid-market sponsors look to hold onto trophy assets and deliver liquidity, they’re turning to larger CVs, with CV-on-CVs also expected to become more prevalent, according to a report.

40% of GPs expect to mull CV in the next two years – Bain study

Over half of GPs said the primary reason for launching a CV was to return capital to existing LPs, according to Bain’s latest report.

LPs are expanding into more diverse secondaries strategies

New opportunities are arising for LPs, but there are ongoing pain points to address.

Top-quartile CVs continue to prove their outperformance over buyout funds – Evercore

Single-asset continuation funds continue to deliver a higher average TVPI compared with multi-asset vehicles, according to a report from Evercore and HEC Paris.

Private wealth capital driving down return targets – PJT

Full-year deal volume could reach as much as $230bn, according to the investment bank’s estimates.

Top buyers dominated secondaries deal activity in H1 2025 – Campbell Lutyens

Just 17 buyers accounted for nearly 70% of total secondaries volume in the first half, according to a report by the advisory firm.

The market’s back on track for $200bn

The secondaries market has remained red-hot. While the area is not without its hurdles, uncertainty in the first half once again reinforced its worth.

Secondaries dry powder buoyed by private wealth as market reaches H1 record – Jefferies

Available secondaries capital grew to a record high of $302bn in the first half, with aggregate NAV of retail vehicles managed by secondaries investors surpassing $80bn as of March, according to a report from Jefferies.

Secondaries volume surpasses $100bn to reach half-year record – Evercore

Volume surpassed most full-year totals from the past decade in the wake of recent geopolitical tensions and macro uncertainty.

Secondaries Investor Advisory Survey 2025: Advisers broaden mandates beyond PE

The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.