North America

LP-led volume saw a 54% year-on-year increase in 2025, reaching $121bn as LPs traded a wider mix of fund quality and accepted larger discounts, a report shows.

GP-led buyers are ’embracing concentration and able to speak for larger portions of transactions than ever before’, global co-head of secondary advisory Scott Beckelman tells Secondaries Investor.

The New York-based private markets investment firm has hired a longtime UBS executive to lead the global business, which will invest into a range of investment types including secondaries.

Traditional buyout firms are taking advantage of what is widely considered a deficit of capital available for the growing number of opportunities in the secondary market, as GPs and LPs seek ways to monetise assets in older funds.

Blue Owl is building out its relatively new secondaries unit, aiming to be a market leader in the GP-led space.

The US pension plan is targeting a 5-15% exposure to secondaries and committed a total of $400m to two HarbourVest vehicles.

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

Auldbrass acquires secondaries interests through LP-led and GP-led opportunities in mid-market buyout, global buyout and growth equity.

The firm is continuing the expansion of its private funds group as demand for secondaries grows.

The firm has also made further leadership promotions and created two regional operating committees to ‘further strengthen local leadership’, according to a memo seen by Secondaries Investor.