Secondary Market Just Hit A Record $121B In Six Months

The secondary market just hit $121B.

And the best deals never hit the open market.

Private asset secondaries hit a record $226B in 2025 - up 41% year-on-year. In H1 2026 alone, volume hit $121B, with GP-led transactions overtaking LP exits for the first time in four years.

- $226B total secondary volume in 2025
- That is a new world record
- The market is up 41% in a single year
- GPs are now selling more than LPs
- First time that's happened in four years
- Private credit secondaries nearly doubled

Nigel Dawn, Global Head of Private Capital Advisory at Evercore, put it plainly:

"Secondaries are increasingly embedded in both LP portfolio management and GP liquidity planning. Continuation vehicles have become a permanent feature of the market."

Secondaries aren't a distress trade anymore.

Sponsors are moving trophy assets into continuation vehicles to extend hold periods, return some capital, and keep compounding the best stuff.

These deals don't go on a public list.

If you want to know more, my DMs are open.

Are you buying or selling in the secondary market?