Reaching new heights
FY 2025 secondary market report

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FY 2025 secondary market report
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.

Key themes driving momentum
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.
Interested in learning more about the key trends from 2025 and our predictions for the year ahead? Enter your details below and we’ll be in touch with a copy of the full report. Please note this report is only available for institutional and professional investors.
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.