The secondary market delivered its second consecutive year of record breaking volume in 2025, surpassing $200B for the first time in its history.

General Partner (GP) led transactions reached approximately $104 billion of volume – a 50% YoY increase – with growth seen across nearly all transaction types and asset classes. Limited partner (LP) led volume remained slightly ahead of GP-led volume at $118 billion as persistent structural liquidity pressures amid a muted distribution environment drove LP-led issuance. Looking ahead, the market is positioned for further expansion in 2026, with volumes expected to exceed $250 billion.

UBS Private Funds Group (PFG) analyzed 2025 transaction data and surveyed secondary investors to better understand key trends shaping today’s market. 

Note: Red denotes UBS 2026 projections

Key themes driving momentum

Growth in GP-led activity

GP-led volume 

  • The GP-led market has been solidified as the “fourth exit option” alongside sales to sponsors, sales to strategics, and IPOs, with continuation funds representing over 10% of sponsor-backed exit volume for three years in a row (2023-2025)
  • While buyout continues to dominate the GP-led landscape, UBS has observed a notable uptick in GP-led transactions across credit, VC / growth, and infrastructure 

 

The VC / growth landscape

The GP-led market for VC / growth remains in the early innings 

  • The GP-led VC / growth market saw record expansion in 2025 with over $12 billion of volume representing a 40%+ YoY increase
  • We anticipate the maturation of the GP-led VC / growth market will follow a similar path as the buyout space, albeit on a smaller scale, with increased capital formation in the years to come

LP-led volume

LP-led secondaries continue to function as a key portfolio management tool

  • In 2025, record LP‑led activity was driven by the return of large, programmatic sellers focused on portfolio rebalancing and liquidity generation
  • Despite some tariff‑related volatility in Q2, pricing remained relatively stable throughout the year, with evergreen funds representing a key source of buy-side depth

Methodology: Reference to market analysis refers to a survey that UBS conducted to solicit feedback on secondary market activity in 2025 as well as market intelligence that UBS has gathered from conversations with secondary investors, publicly available information and transaction activity that UBS was involved with in 2025. Certain statistics shown reflect UBS’s estimates based on data gathered from UBS survey respondents and publicly available information.

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A global private capital advisor integrating world-class private placement expertise with a leading secondary advisory platform, raising over $93 billion of new money since 2010.

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