Secondaries in 2025

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Secondaries in 2025

Our report on the secondaries market in 2025 examines recent growth in both LP-led and GP-led transactions and considers fundraising and performance from private equity to infrastructure

Since 2022, the soft exit environment has been a boon to the secondaries market. We expect the LP-led market to deepen, with GP-led set to benefit from further growth
Continuation funds have become mainstream in private equity, representing almost half of the secondaries market
Although private equity secondaries dominate by share of AUM, infrastructure secondaries are forecast to experience faster AUM growth and higher performance in 2023–2029F