Private secondaries hit record $226bn as liquidity demand reshapes market

Private secondaries deal volume surged 41% to a record $226bn in 2025, as investors increasingly turned to the market to generate liquidity, according to a report by Evercore.

Portfolio sales by limited partners reached about $120bn, remaining the largest driver of activity.

At the same time, transactions led by private asset managers jumped roughly 50% to $106bn, fuelled by the continued rise of continuation funds.

“Limited partners have taken liquidity into their own hands through strategic sales of their portfolios,” said N…