LP Sales

Top five secondaries deals of 2025

This year’s top deals include two sales from LPs without programmatic selling backgrounds, two CV-on-CV deals and a sizeable credit CV, as well as some honourable mentions on smaller, yet innovative processes seen this year.

Distribution and liquidity strains supercharge secondaries: Story of the Year

Volatility, new entrants and increased specialisation elevated the secondaries market to new heights in 2025.

Dawson emerges as a buyer on HVPE’s portfolio sale

Two buyers have lined up on the deal run by HarbourVest’s publicly listed investment trust, which is generating net proceeds of $300m from the sale, Secondaries Investor has learned.

There are some psychics in secondaries

Secondaries Investor reviews predictions made at the start of 2025 to see which expectations became reality.

SQ Capital races to $400m first close for debut strategy – updated

Former Blackstone dealmaker Mustafa Siddiqui’s firm, which launched in January, completed its first CV with K1 Investment Management and has since made three further investments, Secondaries Investor understands.

Howard University president emeritus: ‘I don’t think you’ll hear of us trying to exit through secondary markets’

Secondaries has become a popular portfolio management tool for large US endowments like Yale and Harvard.

‘Project Royal Eagle’: GIC portfolio sale could reach $3bn

The sale included a core portfolio as well as another bundle of fund interests offered to buyers, Secondaries Investor understands.

Aquilius appoints former HarbourVest principal as head of PE secondaries, opens HK office

The ‘structural dislocation’ in the APAC secondaries market will create opportunities for dedicated players, Aquilius’ new head of PE secondaries tells Secondaries Investor.

Carlyle AlpInvest buys in on GBL’s €1.7bn portfolio sale

Belgian holding company Groupe Bruxelles Lambert has confirmed its unit GBL Capital will no longer make new commitments as it secures a dozen transactions.

Ardian: More to come for APAC LP-led secondaries

The firm, which has opened an office in Hong Kong, closed at least five such transactions in the region this year, according to Jason Yao, head of Greater China.