2025 Secondary Market Highlights (Evercore)

Summary

• Secondary market transaction volume reached $226 billion, up 41% year over year.p.3
• LP-led volume was $120 billion, up 34%, and GP-led volume was $106 billion, up 51%.p.3
• Annual volume surpassed $200 billion for the first time.p.4
• Estimated dry powder stands at $215 billion following record deployment.p.6
• Total volume of $226 billion compares with a prediction of $171 billion.p.7
• Dry powder is expected to increase by $200bn+ over the next 12 months.p.7

Key insights

1. The analysis includes a proprietary survey with more than 100 unique secondary buyer responses.p.3
2. LP-led volume of $120bn exceeded the $97bn prediction, driven by strong pricing and a muted distribution environment.p.7
3. GP-led volume of $106bn exceeded the $74bn prediction, driven by strong single-asset activity and continuation vehicles.p.7
4. Dry powder remains concentrated, with the top ~10 buyers controlling more than 50% of available capital.p.6
5. Private credit secondaries achieved record levels of activity and fundraising.p.3
6. Continuation vehicles have evolved from episodic solutions into a permanent component of GP liquidity strategy.p.4