2025 Credit Secondary Market Survey (Evercore)

Summary

• Credit secondaries annual transaction volume reached $20.0bn in 2025, nearly doubling from $10.9bn in 2024.p.3
• Credit secondaries represented ~11% of the $106bn GP-led secondaries market, and GP-led transactions accounted for approximately 60% of total credit secondaries activity.p.3
• Dedicated dry powder for credit secondaries reached ~$37bn, representing 15%+ of total secondaries dry powder in 2025.p.3
• Credit secondaries transaction volume has set new highs each year post 2020, up 80%+ YoY in 2025.p.5
• GP-led credit secondaries priced at an average of 98% in 2025.p.5
• 92% of buyers target a 10-15% minimum net IRR.p.6
• About 60% of buyers estimate 2026 credit secondary transaction volume to be $20bn+.p.6

Key insights

1. GP-led credit volume reached $12bn, up 202% year-over-year.p.3
2. First-lien-weighted portfolios have increasingly traded in the mid-to-high 90s, with select transactions clearing at par or better.p.3
3. Ongoing private credit AUM growth is creating larger, more seasoned portfolios and expanding the opportunity set for active management.p.4
4. GP-led activity accelerated materially in 2025, representing ~60% of total credit secondaries volume.p.5
5. Buyer capacity and competitiveness are increasing, with larger check sizes and continued capital formation across dedicated funds and SMA structures.p.5
6. Dedicated dry powder for credit secondaries stood at $37bn at year-end 2025.p.6