BLOGS. March 27, 2025
Growing Complexity in the Secondary Market
The biggest growth drivers for the secondary market include constrained exit markets, the increasing role of GP-led transactions, and the natural churn of LP capital due to past fundraising cycles. High interest rates have slowed traditional exits, reducing liquidity for LPs and pushing them toward secondaries. At the same time, GPs are leveraging secondary transactions to retain high-value assets, while record fundraising from previous years has created a backlog of commitments now entering the secondary market.
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