{"id":57013,"date":"2026-03-10T11:44:45","date_gmt":"2026-03-10T10:44:45","guid":{"rendered":"https:\/\/editing.capitalmind.com\/secondary-market-review-2025\/"},"modified":"2026-03-10T14:26:06","modified_gmt":"2026-03-10T13:26:06","slug":"secondary-market-review-2025","status":"publish","type":"post","link":"https:\/\/www.investec.com\/advisory\/de\/secondary-market-review-2025\/","title":{"rendered":"Secondary Market review &#8211; 2025"},"content":{"rendered":"\n<p><strong>The secondary market is growing rapidly, fuelled by booming GP-led transactions. The market experienced a record year in 2025 and is expected to keep increasing as the need for liquidity intensifies.<\/strong><\/p>\n\n\n\n<p>Record market volumes saw 18% of the overall market CAGR from 2018 to 2025; and a strong yearly growth in 2025 driven by GP-led and LP-led growth rates of 53% and 42% respectively compared to 2024.<\/p>\n\n\n\n<p>Given the level of secondary dry powder, GPs being more familiar with the space and a more favourable secondary pricing environment, we expect the market to keep expanding and see it well positioned for further growth.<\/p>\n\n\n\n<p><strong>Secondary market today<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"336\" src=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-1024x336.png\" alt=\"\" class=\"wp-image-56971\" srcset=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-1024x336.png 1024w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-800x262.png 800w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-768x252.png 768w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-1536x504.png 1536w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-1x1.png 1w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-200x66.png 200w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume-500x164.png 500w, https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/Secondary-market-volume.png 1814w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Sources: Investec market intelligence, Preqin and Secondaries Investor data<\/em><\/p>\n\n\n<section class=\"content--block quoteBlock \">\n    <div class=\"holder\">\n        <div class=\"stories slide-up d-flex\" data-scroll=\"\">\n            \n            <blockquote class=\"stories__desc\" style=\"flex: 0 0 100%;max-width: 100%;\">\n                <span class=\"stories__desc_quote\">\u201c\u201d<\/span>\n\n                                    <p>GP-leds are growing at faster rate than LP-leds as they are accounting for an increasingly larger percentage of the total secondaries volume (47% in 2025 vs. 32% in 2018).<\/p>\n                \n\n                                    <cite>&#8211; Stefano Manna, Head of Private Capital Advisory<\/cite>\n                            <\/blockquote>\n        <\/div><!-- \/.stories -->\n    <\/div>\n<\/section>\n<!-- ============= End of \/.QuoteBlock =============== -->\n\n\n<p><strong>Our latest Secondaries Market Review sets out the key data, growth dynamics and structural trends shaping the secondaries market and what we can expect to see in 2026.<\/strong><\/p>\n\n\n\n<p>The review covers:\u00a0\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The secondary market today<\/li>\n\n\n\n<li>GP-led transactions as a key solution<\/li>\n\n\n\n<li>Secondary fundraising momentum<\/li>\n<\/ul>\n\n\n\n<p>Download the full report to read the findings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The secondary market is growing rapidly, fuelled by booming GP-led transactions. The market experienced a record year in 2025 and&#8230;<\/p>\n","protected":false},"author":58,"featured_media":56986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"inline_featured_image":false,"footnotes":""},"categories":[3801],"tags":[],"news-event-type":[],"dealtype":[3713,3741],"class_list":["post-57013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sectornews-de","dealtype-mbo-de","dealtype-equity-growth-capital-de"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Secondary Market review - 2025 | Investec Business Advisory<\/title>\n<meta name=\"description\" content=\"The secondary market is growing rapidly, fuelled by booming GP-led transactions, and experienced a record year in 2025.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investec.com\/advisory\/de\/secondary-market-review-2025\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Secondary Market review - 2025 | Investec Business Advisory\" \/>\n<meta property=\"og:description\" content=\"The secondary market is growing rapidly, fuelled by booming GP-led transactions, and experienced a record year in 2025.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.investec.com\/advisory\/de\/secondary-market-review-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Investec Business Advisory\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-10T10:44:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-10T13:26:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.investec.com\/advisory\/wp-content\/uploads\/2026\/03\/header-practices-1024x487.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"487\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Emilie Vallet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilie Vallet\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"2\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/secondary-market-review-2025\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/secondary-market-review-2025\\\/\"},\"author\":{\"name\":\"Emilie Vallet\",\"@id\":\"https:\\\/\\\/www.investec.com\\\/advisory\\\/de\\\/#\\\/schema\\\/person\\\/cc4d56bbad5fc17fba294535806ae9b2\"},\"headline\":\"Secondary Market review &#8211; 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