Key Takeaways
- • Secondaries market reached $165 billion in Q3 2025 and is projected to finish the year at approximately $175 billion, representing a record annual result driven by continued investor appetite and market growth across geographies.
- • Ardian emerged as the top performer in the 2024 judging period, transacting on more than $15 billion across US and Europe, claiming Secondaries Firm of the Year honors over established competitor Coller Capital.
- • GP-led secondaries transactions and continuation vehicles are accelerating market growth, with the GP-led real assets segment alone estimated at ~$15 billion in 2025, driven by energy and infrastructure sponsors seeking extended hold periods.
- • Talent scarcity is reshaping competitive dynamics in the secondaries market, with major firms including Ropes & Gray actively recruiting experienced professionals as the sector's rapid expansion outpaces available expertise; the law firm hired Coller Capital's former legal counsel.
- • Goldman Sachs Vintage Fund X demonstrates strong fundraising momentum, collecting nearly $8 billion as of September 2025, highlighting institutional demand for secondaries exposure through flagship vehicles and the continued resilience of investor appetite documented in recent surveys showing 86% positive sentiment.
Summary
The secondaries market is on track for a record year in 2025, with activity levels and fundraising momentum reaching historic peaks. Through the first nine months of 2025, secondaries funds collected $132.91 billion via final closes, according to Secondaries Investor's fundraising tracking. The market expanded further in Q3 2025, hitting $165 billion in total activity, with full-year projections ranging from $175 billion to potentially higher levels. This growth reflects sustained institutional investor appetite, demonstrated by an 86% positive sentiment toward PE secondaries recorded in the 2025 PGIM survey across the Americas and Europe.
Ardian's performance underscores the competitive intensity and scale required to lead the market. In the 2024 judging period for the Secondaries Investor Awards, Ardian transacted on more than $15 billion across US and Europe operations, securing the Secondaries Firm of the Year award and displacing Coller Capital, a historically dominant player. This shift signals both market concentration among mega-players capable of executing large portfolio transactions and the emergence of alternative platforms capable of matching traditional leaders' firepower.
GP-led secondaries and continuation vehicles are materially driving growth. The GP-led real assets secondaries segment alone is estimated at approximately $15 billion in 2025, with energy and infrastructure sponsors utilizing these structures to extend investment hold periods and refinance existing portfolios. Goldman Sachs Vintage Fund X exemplifies the fundraising pull of flagship secondaries vehicles, collecting nearly $8 billion as of September 2025, reflecting institutional allocators' confidence in established platforms and branded offerings.
Talent constraints are emerging as a critical competitive friction point. As the secondaries market expands rapidly, experienced professionals remain scarce, creating recruitment pressure across the buyside and advisor ecosystem. Ropes & Gray's hire of Coller Capital's former legal counsel illustrates this dynamic, with the law firm positioning itself to capture innovation and advisory mandates expected to proliferate across an expanding range of secondaries products. The head of Ropes & Gray's alternative asset opportunities group emphasized that nimble talent acquisition is essential as the market matures and diversifies beyond traditional fund-of-funds and continuation vehicles.
The Secondaries Investor Awards, now in their second year, reflect growing institutional recognition of market excellence. The awards celebrate best-in-class buyers, advisers, and transactions globally, with judging conducted by PEI Group editors evaluating hundreds of submissions across multiple regions and deal categories. This formalization of market recognition underscores the secondaries sector's maturation as a distinct, professionally recognized asset class within private markets.
Ardian's performance underscores the competitive intensity and scale required to lead the market. In the 2024 judging period for the Secondaries Investor Awards, Ardian transacted on more than $15 billion across US and Europe operations, securing the Secondaries Firm of the Year award and displacing Coller Capital, a historically dominant player. This shift signals both market concentration among mega-players capable of executing large portfolio transactions and the emergence of alternative platforms capable of matching traditional leaders' firepower.
GP-led secondaries and continuation vehicles are materially driving growth. The GP-led real assets secondaries segment alone is estimated at approximately $15 billion in 2025, with energy and infrastructure sponsors utilizing these structures to extend investment hold periods and refinance existing portfolios. Goldman Sachs Vintage Fund X exemplifies the fundraising pull of flagship secondaries vehicles, collecting nearly $8 billion as of September 2025, reflecting institutional allocators' confidence in established platforms and branded offerings.
Talent constraints are emerging as a critical competitive friction point. As the secondaries market expands rapidly, experienced professionals remain scarce, creating recruitment pressure across the buyside and advisor ecosystem. Ropes & Gray's hire of Coller Capital's former legal counsel illustrates this dynamic, with the law firm positioning itself to capture innovation and advisory mandates expected to proliferate across an expanding range of secondaries products. The head of Ropes & Gray's alternative asset opportunities group emphasized that nimble talent acquisition is essential as the market matures and diversifies beyond traditional fund-of-funds and continuation vehicles.
The Secondaries Investor Awards, now in their second year, reflect growing institutional recognition of market excellence. The awards celebrate best-in-class buyers, advisers, and transactions globally, with judging conducted by PEI Group editors evaluating hundreds of submissions across multiple regions and deal categories. This formalization of market recognition underscores the secondaries sector's maturation as a distinct, professionally recognized asset class within private markets.
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