GP-Leds

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.

Labyrinth Capital Partners takes ‘rifle-shot’ approach to GP-led secondaries

The growth-stage secondaries specialist, which is premarketing a $300m Fund III, draws on its founder’s 20 years of experience to provide liquidity to GPs thirsty for DPI.

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.

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.

Kline Hill steps up on single-asset CV for German fitness chain

The deal gives NORD Holding’s All Inclusive Fitness an enterprise value of over €500m, according to a statement seen by Secondaries Investor.

Bullish managers expect to utilise GP-leds more in the coming years – DC Advisory

The GP-led market is predicted to reach about $93bn in total volume this year, according to a report.

Spotlight on LPACs in high-profile continuation vehicle spat

Do limited partner advisory committees have any relevance in a world where a sole LP wants to have its day in court?

CVs unlikely to ‘disappear’ because GPs ‘recognise their viability’ – TPG

CVs continue private equity’s history of innovation and evolution and will likely become part of the asset class’s long term set of options for exits, co-managing partners Jeff Rhodes told affiliate title Buyouts.

Secondaries’ catch-22

Another CV failure has recently grabbed headlines. The secondaries market is limited on publicly celebrating its wins.