2025 Secondary Market Report (Evercore)

Summary

• Secondary transaction volume reached $226bn in 2025, up 41% year-over-year, exceeding $200 billion for the first time.p.3
• LP-led volume reached $120bn (up 34% YoY) and GP-led volume reached $106bn (up 51% YoY).p.3
• Secondary dry powder stands at approximately $215 billion following record deployment in 2025.p.5
• New entrants represented $8bn (7%) of total transaction volume in 2023 and $35bn (16%) in 2025, and now hold $46bn (21%) of dry powder.p.7
• The LP-led market accounted for 53% of total volume in 2025.p.8
• GP-led transactions represented approximately 47% of secondary market volume in 2025.p.12
• Third-party leverage usage rose from approximately 7% in 2024 to 14% in 2025.p.12

Key insights

1. The capital overhang multiple stands at ~1.2x, meaning dry powder represents roughly one year of transaction volume.p.5
2. 25% of secondary buyers have an evergreen fund.p.6
3. North American LPs were the most active sellers, at 71% of LP-led transaction volume by seller geography.p.8
4. The $31bn of non-Buyout funds traded in LP-led deals in 2025 included ~$8bn each of Growth and Credit.p.8
5. GP-led activity has grown at roughly a 28% CAGR over the last ten years.p.12
6. More than 10% of buyers are able to write $300+ million checks into single-asset deals.p.12
7. The fourth HEC Paris study incorporates Q2 2025 performance data for 387 CVs formed between 2018-2024, versus 140 funds in the inaugural study.p.14
8. Total 2025 market volume came in at $226bn against a 2024 year-end prediction of $171bn.p.16
9. DPI pressure / return-of-capital requirements were cited as a market driver by 66% of respondents, while broader macroeconomic conditions were cited as a risk by 63%.p.17