Key Takeaways
- • Jefferies Financial Group tracked approximately $103 billion of secondary market transactions in the first half of 2025, a 51% increase from the prior first-half record of $68 billion in the same period of 2024, according to the bank's half-year secondary market review.
- • Evercore recorded $102 billion of secondary deal volume in the first six months of 2025, roughly 42% above the $72 billion it logged in the first half of 2024.
- • New buyers of private-fund stakes, including traditional sellers that have shifted to buying, drove the record volumes in a market long considered undercapitalized.
Summary
New buyers of private-fund stakes helped push the secondary market to record levels in the first half of 2025, according to data from two of the largest intermediaries in the market, as reported by The Wall Street Journal. The market, which has long been viewed as undercapitalized, saw significant growth in transaction activity during the period.
Jefferies Financial Group tracked around $103 billion of secondary market transactions in the first six months of 2025, a 51% increase over the previous first-half record of $68 billion recorded in the same period a year earlier, the bank said in its half-year secondary market review. Evercore separately clocked $102 billion of secondary deals in the first six months of 2025, a roughly 42% increase on the $72 billion of transaction volume it recorded through the first six months of 2024.
The WSJ report highlights the role of new entrants in the market. California Public Employees' Retirement System (CalPERS) is cited as an example of a traditional seller that has become a buyer of private-fund stakes, reflecting a broader shift in investor behavior that has contributed to the market's expansion.
Jefferies Financial Group tracked around $103 billion of secondary market transactions in the first six months of 2025, a 51% increase over the previous first-half record of $68 billion recorded in the same period a year earlier, the bank said in its half-year secondary market review. Evercore separately clocked $102 billion of secondary deals in the first six months of 2025, a roughly 42% increase on the $72 billion of transaction volume it recorded through the first six months of 2024.
The WSJ report highlights the role of new entrants in the market. California Public Employees' Retirement System (CalPERS) is cited as an example of a traditional seller that has become a buyer of private-fund stakes, reflecting a broader shift in investor behavior that has contributed to the market's expansion.
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