FY2025 Secondary Market Overview Report (Campbell Lutyens)

Summary

• 2025 saw record secondary volume of $225 billion, a 45% increase from 2024 and 14% CAGR since 2021.p.3
• LP-led volume rose 54% to $121 billion, GP-led volume grew 42% to $93 billion, and preferred equity remained flat at $11 billion.p.5
• The 14 largest buyers accounted for 70% of total market volume, compared with 19 in 2024 and 25 in 2023 for the same share.p.5
• Secondary funds raised $107 billion in 2025, up 32% from $81 billion in 2024, with CL estimating between $130 billion and $145 billion will be raised in 2026.p.6
• The average LP-led discount widened modestly to 13.6%, compared with 13.3% in 2024.p.9
• 48% of GP-led transactions priced at or above par in 2025, up from 41% in 2024, with average discounts tightening to 4.0%.p.11
• $33 billion was raised for evergreen pools of capital with secondaries exposure in 2025, bringing total fundraising to date to $100 billion.p.26

Key insights

1. Approximately 50% of SACVs were $500 million or smaller, reflecting significant mid- and lower-mid-market adoption.p.3
2. Groups with more than $10 billion in dry powder now account for only 39% of the market, an 18-point drop from 2024.p.7
3. LP-led volume expanded its share of total market activity to 54% from 51% in 2024, while the GP-led share remained broadly stable at 41%.p.8
4. Buyout average discounts increased to 12.2% from 10.9% in 2024, reflecting deeper discounts on tail-end sales.p.10
5. Average discounts on MACVs tightened 479 bps to 4.2% from 9.0% in 2024.p.12
6. Asia-Pacific LP-led selling volumes grew 3.5x year-over-year.p.13
7. Transactions on funds 10 years and older increased by $12 billion, accounting for about 19% of total LP-led volume.p.16
8. MACV volume eclipsed $41 billion, a 61% increase from 2024, driving growth in GP-led activity.p.17
9. Infrastructure LP-led volume increased 77% year-over-year to $9 billion, while infrastructure GP-led volume reached $11 billion.p.20
10. GP-led transactions accounted for 61% of private credit secondaries activity, with over $12 billion in credit CV deal flow.p.21