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.

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

“”

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).

– Stefano Manna, Head of Private Capital Advisory

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.

The review covers:  

• The secondary market today
• GP-led transactions as a key solution
• Secondary fundraising momentum

Download the full report to read the findings.