DC Advisory’s Global Secondary Market Report 2024: Beyond the primary
Date
November 11, 2024 • 6 min read
Your guide to navigating the secondary market is here
Amid rising geopolitical tensions and a global softening in M&A and IPO activity, global GP-led
secondary market volumes are predicted to surpass $67 billion in 2024, higher than the previous
record volume set in 2021.
DC Advisory’s global Secondary Advisory team summarizes key findings from our recent survey conducted with over 80 participants, to provide market insights into the GP-led segment of the secondary market, including:
- GP-led secondary market overview
- Why continuation vehicles are driving GP-led deal activity
- Navigating fund financing options
- Key factors of a successful GP-led transaction
- The evolution of the competitive landscape
Featured in Secondaries Investor
Watch the webinar >
Global Secondary Market Report 2024: Beyond the Primary
GP-led secondary market overview
- Uncertainty remains in markets pertaining to traditional exit routes (i.e. M&A and IPO), driving GPs
to re-valuate their portfolio management strategies - LP liquidity constraints are putting pressure on GPs, with secondaries, once a niche market, rapidly
becoming more widely accepted as an attractive portfolio management tool - Amid rising geopolitical tensions and a global softening in M&A and IPO activity, the global GP-led
secondary market is poised to surpass the previous record volume levels of $66 billion set in 2021
(see Fig. 1) - This optimistic forecast is supported by positive sentiment among active market players: almost
half of survey respondents expect global volumes to exceed $70 billion in 2025, while almost 20%
of respondents expect volumes to exceed $80 billion
Fig.1: GP-led transaction volume
What can we expect in 2025? Read the full report >
Sign up to our mailing lists for future releases >
What to read next
Sources
DC Advisory’s Secondaries survey 2024
*Unless otherwise indicated, all tables, data and statistics provided in this report, including with respect to deal activity, have been collected via the DC Advisory’s Secondaries survey August 2024, subject to the limitations of the survey.
DC Advisory’s Secondaries survey 2024 - DC Advisory’s independent survey of 88 GPs and LPs in the European and US market, which was completed in August 2024 (referred to herein as the “Any data sourced from the survey is limited to the data provided by the survey participants and is not meant to constitute definitive market data. The GPs and LPs selected for the survey are based on those that are most active in the secondaries market, and that DC Advisory interacts with the most. Accordingly, the survey participants do not constitute an exhaustive list of GPs and LPs who may have been active during the period addressed by the survey
DC Advisory has prepared this material solely for informational purposes and it is not a research report. This material does not constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of any offer to buy, or any recommendation with respect to, any securities. For other important information, please read our Insights & Publications disclaimer >
Global Secondaries team
Contact form
Thank you!
Your message has been received by DC Advisory so you'll hear back from us soon.
We collect your personal data if you sign up to receive news or get in touch with us. This is collected by third-party firms on our behalf. We have three separate lists:
- DealCloud - which we use as our CRM. DealCloud privacy statement is available here: https://www.intapp.com/privacy/
- SalesForce - which we use as our CRM. SalesForce privacy statement is available here: https://www.salesforce.com/uk/company/privacy/
- Spotler - which we use to send email marketing campaigns. Spotler privacy statement is available here: https://spotler.co.uk/privacy-policy/
Application form
Thank you!
Your message has been received by DC Advisory so you'll hear back from us soon.