DC Advisory’s Global Secondary Market Report 2025: Securing the Mainstream Stronghold
Date
1 min read
Our global secondary market survey of leading GPs and secondary investors confirms that GP-led deals have become firmly mainstream, with broad expectations for further growth.
DC Advisory’s Secondary Advisory team discusses the key findings of our international survey, covering:
- GP-led secondary market overview
- Continuation vehicles (CVs)
- Key drivers of a successful CV deal
- Fund financing
- Competitive landscape in GP-led secondaries
- 2026 outlook
Even as traditional exit routes show signs of revival, GP-led secondaries remain a key driver of exit activity, reflecting their increasing acceptance among GPs.
Secondary transaction volume reached $104 billion in the first half of 2025; a 51% increase compared to the same period in 2024 (see fig. 1). Of this, GP-led secondary volume accounted for approximately $48 billion, up approximately 60% year-on-year (see fig. 1). This record-breaking pacei in GP-led activity underscores that secondary solutions are “here to stay” as part of GPs’ exit landscape, even as traditional exit routes slowly reopen.
View the full report >
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