Key Takeaways
- • Private equity secondaries fundraising reached $92.9 billion in 2025, a 6.4% increase from $87.32 billion in 2024, marking the third consecutive year of growth and the largest annual total since at least 2020.
- • Global secondaries transaction value surged 41% year-over-year to a record $226 billion in 2025, driven by institutional investor appetite for illiquid alternative asset exposure at discounted valuations.
- • Ardian closed a record $30 billion for Ardian Secondary Fund IX, the largest private equity secondaries fund ever raised and the largest PE fund of any kind to close in 2025, targeting high-quality assets in North America and Western Europe.
- • Three additional mega-funds are currently in the market targeting final closes at or above $20 billion: Lexington Capital Partners XI, Blackstone Strategic Partners X, and Dover Street XII, signaling continued capital concentration in the sector.
- • The secondaries fundraising surge contrasts sharply with declining overall private equity fundraising, positioning secondaries as a distinct growth engine within the broader alternative asset ecosystem.
Summary
The private equity secondaries market demonstrated robust momentum in 2025, with fundraising capital commitments reaching $92.9 billion, up 6.4% from $87.32 billion in 2024. This represents the third consecutive year of growth and the strongest annual fundraising total for PE secondaries funds since at least 2020, according to Wit Intelligence data cited by S&P Global. The fundraising expansion reflects institutional investors' strategic pivot toward secondary market exposure as a means to access illiquid alternative assets at discounted valuations.
The underlying transaction market has accelerated even faster than fundraising activity. Global secondaries transaction value reached a record $226 billion in 2025, a 41% year-over-year increase, according to Evercore Inc. This divergence—with deal volumes outpacing capital raised—underscores the velocity at which existing stakes in private equity, private credit, and other alternatives are being traded between buyers and sellers. Daniel Roddick, founder of Ely Place Partners Ltd., attributed this momentum to secondaries managers' success in capital raising, noting that "it has been a record year partly because secondaries managers have been so successful raising capital."
The market's maturation is reflected in increasingly larger fund sizes. Ardian closed Ardian Secondary Fund IX at $30 billion, establishing it as the largest private equity secondaries fund ever raised and the largest PE fund of any kind to close in 2025. The fund targets high-quality private equity assets, with primary geographic focus on North America and Western Europe. Beyond Ardian, three additional secondary funds currently in the market—Lexington Capital Partners XI, Blackstone Strategic Partners X, and Dover Street XII—are targeting final closes at or above $20 billion, indicating sustained institutional capital deployment into mega-funds within the sector.
Notably, the secondaries fundraising surge contrasts with broader headwinds in overall private equity fundraising, positioning secondaries as a distinct and countercyclical growth vector. As exit pressures mount across traditional buyout portfolios and institutional investors seek liquidity optionality, the secondaries market has emerged as a critical mechanism for portfolio rebalancing and asset repositioning across the alternative investment landscape.
The underlying transaction market has accelerated even faster than fundraising activity. Global secondaries transaction value reached a record $226 billion in 2025, a 41% year-over-year increase, according to Evercore Inc. This divergence—with deal volumes outpacing capital raised—underscores the velocity at which existing stakes in private equity, private credit, and other alternatives are being traded between buyers and sellers. Daniel Roddick, founder of Ely Place Partners Ltd., attributed this momentum to secondaries managers' success in capital raising, noting that "it has been a record year partly because secondaries managers have been so successful raising capital."
The market's maturation is reflected in increasingly larger fund sizes. Ardian closed Ardian Secondary Fund IX at $30 billion, establishing it as the largest private equity secondaries fund ever raised and the largest PE fund of any kind to close in 2025. The fund targets high-quality private equity assets, with primary geographic focus on North America and Western Europe. Beyond Ardian, three additional secondary funds currently in the market—Lexington Capital Partners XI, Blackstone Strategic Partners X, and Dover Street XII—are targeting final closes at or above $20 billion, indicating sustained institutional capital deployment into mega-funds within the sector.
Notably, the secondaries fundraising surge contrasts with broader headwinds in overall private equity fundraising, positioning secondaries as a distinct and countercyclical growth vector. As exit pressures mount across traditional buyout portfolios and institutional investors seek liquidity optionality, the secondaries market has emerged as a critical mechanism for portfolio rebalancing and asset repositioning across the alternative investment landscape.
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