A record secondaries market surpassing $100 billion in H1 2025

Jefferies Private Capital Advisory has released the latest version of their Global Secondary Market Review. H1 2025 saw a record $103 billion in transaction volume, marking a 51% increase from $68 billion in H1 2024. In H1 2025, LP volume made up $56 billion, with GP-led volume at $47 billion.

Deal activity was fueled by record supply of LP portfolios and GP-led opportunities, increasing levels of dedicated secondary capital, and a wave of new market entrants.

Read more about the secondaries market in the full

https://www.jefferies.com/wp-content/uploads/sites/4/2025/08/Jefferies-Global-Secondary-Market-Review-July-2025.pdf?utm_term=6630885806