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.
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.
Secondary market today
Sources: Investec market intelligence, Preqin and Secondaries Investor data
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Stuart Ingledew
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