2025 Secondary Market Flash Report (Campbell Lutyens)

Summary

• Campbell Lutyens reports a record $225bn in annual secondary market volume in 2025, an increase of 45% YoY.p.1
• Just 14 of the most active players by volume account for 70% of total secondary activity.p.1
• LP- and GP-led dollar volumes increased by 54% and 43%, and LP-leds remained the largest share of activity at 54%.p.1
• Evergreen funds have surpassed $100bn in AUM, emerging as a meaningful source of demand.p.1
• The average discount in LP-led transactions widened modestly to 13.9%.p.1
• The analysis is based on survey responses from over 100 of the most active market participants.p.1

Key insights

1. Annual secondary market volume hit a record $225bn in 2025, up 45% year on year.p.1
2. Activity remains heavily concentrated, with 14 players accounting for 70% of total volume.p.1
3. LP-led dollar volume increased by 54% and GP-led dollar volume by 43%.p.1
4. Despite improved IPO and M&A activity, distributions remain muted, and more LPs now use the secondary market proactively for portfolio management.p.1
5. Evergreen funds have surpassed $100bn in AUM, boosting pricing competition.p.1
6. Quality funds retain pricing strength, though average discounts widened marginally to 13.9% in LP-led transactions.p.1