North America

Transaction volume last year was significantly up from $114bn in 2023, with both LP-led and GP-led transactions hitting new highs.

A 2024 PJT report expects private credit secondaries volume to hit $10bn this year.

The US public pension’s offloading of around $2bn in credit fund stakes marks the latest sizeable deal in the maturing market.

ASF IX raised capital from around 40 APAC LPs, compared with less than 10 in its predecessor, Greater China head Jason Yao tells Secondaries Investor.

Glouston Private Equity Opportunities VII closed on $558m, making it the firm’s largest vehicle to date.

Two new secondaries-focused firms have already launched in 2025.

Rob Campbell, head of North America at ICG’s Strategic Equity unit, outlines elements for a successful CV when just one asset is involved and why such deals differ from co-investments.

After more than two years in the market, the group is already eyeing a launch for its next secondaries programme.

Human resources is one of the biggest issues restricting the growth of the secondaries market, sources have long told Secondaries Investor.

While fundraising figures are down from record-breaking numbers in 2024, it would be remiss not to consider the impact of evergreen capital on the market.