The Secondaries Investor Law Firm Survey 2025 shows top law firms advising on a collective $1.03trn of transaction volume, nearly $150bn greater than last year.
Eighteen law firms took part in the survey this year, with Kirkland & Ellis continuing its dominance from last year, boasting the highest deal volume among respondents with $223.2 billion advised between 1 November 2023 and 31 October 2024.
To access the full insights from the survey, as well as ones stretching back to 2017, click on the tiles below.
LAW FIRM SURVEY ARCHIVE
LATEST SECONDARIES INVESTOR HEADLINES
Ardian, HSBC and StepStone lead Nordic’s near €2bn multi-asset CV
CVC Secondary Partners is also backing the deal, which is expected to close in late Q4, PEI Secondaries Investor has learned.
Make or break the relationship
Small- and mid-sized GPs are following their larger peers to the CV market at a clip – relationship management within their LP base, however, is arguably a more thorny issue.
A legacy approach to CVs: Hollyport seeks strong assets following longer holds
The tail-end specialist – which PEI Secondaries Investor understands has raised $1.5bn for its latest GP-led programme – looks to back assets that have more to show after five-plus years in a fund, Steve Nicholls and Catherine Badour say.
Inside PEI Group’s inaugural Private Markets 100 ranking
Read our full report for details of the 100 firms that make the ranking as well as our insight and analysis of each constituent asset class: private equity, private credit, infrastructure, real estate and secondaries.
Going hybrid: A new solution for a complex market
Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.