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- 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 >
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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 >
