Key Takeaways
- • Configure Partners launched a new Private Capital Advisory practice to serve private equity firms and private credit managers pursuing GP-led secondary transactions and liquidity solutions, expanding beyond its existing middle-market debt placement and M&A financing capabilities.
- • The global secondary market achieved record $233 billion in transaction volume during 2025, representing 53% year-over-year growth, with GP-led transactions accounting for $116 billion of that total and growing at the same 53% rate.
- • Continuation vehicles (CVs) dominated GP-led activity in 2025, representing 89% of all GP-led secondary transactions, with nearly 80% of the top 100 sponsors by assets under management having completed a CV transaction by year-end 2025.
- • Configure's new advisory practice will counsel private equity sponsors on continuation vehicles, fund tenders, and strip sales on the equity side, while advising credit managers on credit secondaries—a specialized market segment requiring asset-level credit diligence distinct from traditional secondary analysis.
- • Jefferies projects secondary market volume could reach approximately $300 billion annually within 12 to 24 months, signaling sustained demand for advisory services in this rapidly expanding market segment.
Summary
Configure Partners has expanded its service offerings by launching a dedicated Private Capital Advisory practice designed to serve private equity sponsors and private credit managers navigating GP-led secondary transactions and related liquidity strategies. This move reflects the firm's strategic evolution from its established platform in middle-market debt placement, recapitalizations, M&A financings, and credit restructurings across nine industry verticals including industrial and distribution, power and energy, business services, healthcare, and technology.
The secondary market environment underpinning this expansion has shifted dramatically. According to Lazard data, the global secondary market reached a record $233 billion in total transaction volume in 2025, marking a 53% increase from the $152 billion recorded in 2024. Within this market, GP-led transactions specifically reached $116 billion, also growing 53% year over year. This growth trajectory reflects structural shifts in how sponsors manage portfolio liquidity and extend investment periods.
Continuation vehicles have emerged as the dominant tool within GP-led secondaries, according to Jefferies research. These vehicles represented 89% of all GP-led activity in 2025, and by year-end 2025, nearly 80% of the top 100 sponsors by assets under management had completed at least one CV transaction. This penetration rate underscores the extent to which continuation vehicles have become a standard component of the sponsor exit toolkit, replacing or supplementing traditional fund liquidations.
Configure's advisory team will serve both the private equity and private credit verticals, though with differentiated approaches. On the private equity side, advisors will guide sponsors through continuation vehicles, fund tenders, and strip sales. On the private credit side, the practice will address credit secondaries—a rapidly expanding market segment that requires specialized asset-level credit diligence rather than the equity-focused analysis typical of traditional secondary transactions. This distinction reflects the technical complexity and risk profile inherent to credit assets.
Market projections underscore the scale of opportunity. Jefferies estimates that secondary market volume could approach $300 billion annually within the next 12 to 24 months, suggesting continued robust demand for specialized advisory services in this space.
The secondary market environment underpinning this expansion has shifted dramatically. According to Lazard data, the global secondary market reached a record $233 billion in total transaction volume in 2025, marking a 53% increase from the $152 billion recorded in 2024. Within this market, GP-led transactions specifically reached $116 billion, also growing 53% year over year. This growth trajectory reflects structural shifts in how sponsors manage portfolio liquidity and extend investment periods.
Continuation vehicles have emerged as the dominant tool within GP-led secondaries, according to Jefferies research. These vehicles represented 89% of all GP-led activity in 2025, and by year-end 2025, nearly 80% of the top 100 sponsors by assets under management had completed at least one CV transaction. This penetration rate underscores the extent to which continuation vehicles have become a standard component of the sponsor exit toolkit, replacing or supplementing traditional fund liquidations.
Configure's advisory team will serve both the private equity and private credit verticals, though with differentiated approaches. On the private equity side, advisors will guide sponsors through continuation vehicles, fund tenders, and strip sales. On the private credit side, the practice will address credit secondaries—a rapidly expanding market segment that requires specialized asset-level credit diligence rather than the equity-focused analysis typical of traditional secondary transactions. This distinction reflects the technical complexity and risk profile inherent to credit assets.
Market projections underscore the scale of opportunity. Jefferies estimates that secondary market volume could approach $300 billion annually within the next 12 to 24 months, suggesting continued robust demand for specialized advisory services in this space.
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