Q1 2026 Secondaries Update: Full-Year 2025 Results (Ropes & Gray)

Summary

• The secondary market reached a record $240 billion in deal volume in 2025, surpassing $200 billion for the first time and marking a 48% year-over-year increase.p.1
• Private credit secondaries saw almost 300% year-over-year growth in GP-led transaction activity.p.1
• Closed continuation vehicle volume rose 93% year-over-year in Europe, 34% in North America, and 15% in the rest of the world.p.1
• Jefferies forecasts secondary transaction volume to approach $300 billion annually in the next 12-24 months.p.1
• Secondaries dry powder reached an estimated $327 billion in 2025.p.2
• Secondaries investors have an estimated $477 billion of available capital.p.2

Key insights

1. Campbell Lutyens projects $130-$145 billion of secondaries fundraising, while Evercore estimates $200+ billion to be raised over the next 12 months.p.1
2. Secondary volume was driven by liquidity needs amid a slow exit environment and record levels of dedicated capital.p.1
3. GP-led volume for credit grew 299% year-over-year.p.1
4. Growth in transaction volume has outstripped fundraising since 2023, indicating capital constraints may become a challenge.p.2
5. Closed-end fundraising for secondaries strategies reached 18% of total private capital raised in 2025, up from 7% in 2021.p.2