Key Takeaways
- • Private secondaries deal volume reached a record $226 billion in 2025, representing a 41% year-over-year surge, according to Evercore Inc.
- • The market has expanded significantly beyond traditional buyouts to include private credit secondaries, infrastructure, and venture capital, diversifying buyer and seller activity.
- • Deal growth is driven by two structural factors: innovation in deal structures and sustained investor demand for liquidity, enabling more creative capital deployment strategies.
- • Approximately $215 billion in dry powder remains available among secondaries buyers, positioning the market for continued activity in 2026.
Summary
The private secondaries market achieved a milestone in 2025 as deal volume surged to $226 billion, marking a substantial 41% increase from the prior year, according to a report from Evercore Inc. released on Friday. This record-breaking performance reflects both heightened market participation and structural shifts in how institutional investors access and deploy capital in secondary transactions.
The growth trajectory has been underpinned by two primary drivers: continued innovation in deal structures and persistent demand from limited partners seeking liquidity from existing positions. Investors have become increasingly sophisticated in structuring secondaries arrangements, moving beyond traditional general partner-led continuation vehicles into more specialized formats. This evolution has enabled a broader array of asset classes to participate in the secondaries market.
A defining characteristic of the 2025 surge is the market's diversification beyond legacy buyout secondaries. Private credit secondaries reached record fundraising and activity levels, while infrastructure and venture capital secondaries expanded notably, according to Evercore's analysis. This broadening of the market reflects LP appetite across multiple asset classes and demonstrates that secondaries solutions are no longer confined to the private equity buyout context.
The ongoing demand for capital deployment is evident in the substantial dry powder position: approximately $215 billion remains available among secondaries buyers. This reserve suggests that the market momentum is likely to persist into 2026, with buyers actively preparing to deploy capital into new opportunities as sellers continue to seek liquidity solutions for their portfolio positions.
The growth trajectory has been underpinned by two primary drivers: continued innovation in deal structures and persistent demand from limited partners seeking liquidity from existing positions. Investors have become increasingly sophisticated in structuring secondaries arrangements, moving beyond traditional general partner-led continuation vehicles into more specialized formats. This evolution has enabled a broader array of asset classes to participate in the secondaries market.
A defining characteristic of the 2025 surge is the market's diversification beyond legacy buyout secondaries. Private credit secondaries reached record fundraising and activity levels, while infrastructure and venture capital secondaries expanded notably, according to Evercore's analysis. This broadening of the market reflects LP appetite across multiple asset classes and demonstrates that secondaries solutions are no longer confined to the private equity buyout context.
The ongoing demand for capital deployment is evident in the substantial dry powder position: approximately $215 billion remains available among secondaries buyers. This reserve suggests that the market momentum is likely to persist into 2026, with buyers actively preparing to deploy capital into new opportunities as sellers continue to seek liquidity solutions for their portfolio positions.
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