CAPITAL MARKET
Secondaries
The secondary market has grown from $25 billion in transaction volume in 2012 to over $140 billion in 2024, and is on pace for record activity in 2026. LP-led sales of fund stakes and GP-led continuation vehicles have reshaped liquidity in private markets, and dedicated secondary funds now raise multi-billion-dollar strategies on tight fundraising cycles.
Coverage aggregates: secondary fund closings (Ardian, Blackstone Strategic Partners, Lexington, Coller, Goldman Vintage, HarbourVest, etc.), GP-led continuation vehicle announcements, pricing and discount trends via intermediary reports (Jefferies, Campbell Lutyens, Evercore, PJT Park Hill, Lazard), and LP-side secondary program commitments from public pensions and sovereigns.
For GPs considering a continuation vehicle, secondary fund managers evaluating competitive positioning, or LPs building secondary allocations, this hub is the daily pulse on the category.
Featured Stories
Deal Flow
Partners Group explores €800m private credit continuation vehicle
Partners Group is considering a roughly €800m continuation vehicle to extend holdings in private credit loans, according to Private Equity Wire, citing a Bloomberg report.
Deal Flow
Korea Investment Corp explores sale of more than $1bn in private equity stakes
South Korea’s sovereign wealth fund KIC is exploring a potential secondary sale of private equity investments worth more than $1bn, with PJT Partners advising, according to Private Equity Wire.
Fundraising
HarbourVest secures $2.4bn in initial commitments for private credit secondaries strategy
HarbourVest Partners has secured $2.4bn in initial capital commitments for a new private credit secondary strategy, according to Private Equity Wire.
All Secondaries Coverage
Carrick Capital Partners’ first continuation vehicle priced at $600m, co-CEO says
Carrick Capital Partners’ co-CEO Jim Madden said about 20% of Fund II LPs rolled equity into the firm’s first $600m continuation vehicle.
Venture Capital Journal examines continuation vehicles as a tool for VC liquidity
Venture Capital Journal reports on continuation vehicles, which can let VCs retain a prized asset while providing investor liquidity.
StepStone VC Secondaries Fund VII-I Files D/A on 2026-09-01
StepStone VC Secondaries Fund VII-I (Cayman) LP submitted a Form D/A filing under Investment Company Act Section 3(c)(7).
StepStone VC Secondaries Fund VII LP Files D/A with SEC
StepStone VC Secondaries Fund VII LP submitted a D/A filing on 2026-09-01 under Investment Company Act Section 3(c)(7).
StepStone VC Secondaries Fund VII (Cayman) LP Files D/A
StepStone VC Secondaries Fund VII (Cayman) LP submitted a D/A filing on 2026-09-01 under Section 3(c)(7) of the Investment Company Act.
StepStone VC Secondaries Fund VII LP Files D/A on 2026-09-01
StepStone VC Secondaries Fund VII LP submits D/A filing claiming Section 3(c)(7) exemption under the Investment Company Act.
StepStone VC Secondaries Fund VII-I Files D/A Amendment
StepStone VC Secondaries Fund VII-I (Cayman) LP submitted a D/A filing on 2026-09-01 under Investment Company Act Section 3(c)(7).
IMCO names Ana Elia head of private equity; program entering “more mature phase”
Ana Elia, promoted to head of private equity at IMCO in 2024, said the PE program is entering a more mature phase after more than five years of outsized growth.
Private Credit Managers Shift Beyond Direct Lending Amid Slowing Fundraising
Non-traded BDCs raised $2bn in Q2, down 82% YoY, as $23bn in withdrawals hit private credit funds and managers expand into secondaries and AI lending.
Private Credit Managers Shift Beyond Direct Lending as Fundraising Slows
Non-traded BDCs raised $2bn in Q2 amid $23bn in withdrawal requests and reduced loan originations, prompting diversification into secondaries and AI-related lending.
Jefferies Credit Partners Targets €1bn for Private Credit Secondaries Vehicle
Jefferies Credit Partners targets €1bn for a continuation fund vehicle focused on private credit secondaries and new loan origination.
StepStone VC Secondaries Fund VII-K LP Files D/A With SEC
StepStone VC Secondaries Fund VII-K LP submitted a D/A filing on 2026-07-10 under Investment Company Act Section 3(c)(7).
StepStone VC Secondaries Fund VII ND LP Files D/A with SEC
StepStone VC Secondaries Fund VII ND LP submitted a D/A filing under Investment Company Act Section 3(c)(7) on July 10, 2026.
StepStone VC Secondaries Fund VII ND (Cayman) LP Files D/A With SEC
StepStone VC Secondaries Fund VII ND (Cayman) LP submitted a D/A filing on 2026-07-10 under Investment Company Act Section 3(c)(7).
Melange Secondaries Partners II Files D/A on July 7 2026
Melange Secondaries Partners II LP submitted a D/A filing under Investment Company Act Section 3(c)(7) on July 7 2026.
Blackstone’s Secondaries Business Surpasses $100bn AUM
Blackstone Inc's secondaries arm reached over $100bn in assets under management in the first quarter, highlighting growth in the secondaries market.
Blackstone’s Secondaries Arm Surpasses $100bn AUM
Blackstone Inc's secondaries business crossed $100bn in assets under management in the first quarter, according to a report.
Blackstone's Secondaries Arm Reaches $100bn AUM
Blackstone's secondaries business surpassed $100bn in assets under management in the first quarter, highlighting its growth in the private equity secondary market.
Ensemble Continuation Fund LLC Files SEC Document for Series Saronic III
Ensemble Continuation Fund LLC - Series Saronic III filed a SEC EDGAR document on April 13, 2026, including Item 3C related to Section 3(c)(7) of the Investment Company Act.
Dawson Partners to Launch New Flagship Credit Fund After $7.7bn Close
Toronto-based private credit manager Dawson Partners prepares a new flagship fund mid-year, following the $7.7bn close of its predecessor, according to Private Equity Wire.
Frequently Asked Questions
How large is the private markets secondary market?
Secondary market transaction volume exceeded $140 billion in 2024, up from $25B in 2012. Jefferies, Lazard, Campbell Lutyens, and Evercore secondary advisory reports forecast 2026 transaction volume near record $160-180B levels driven by continued LP liquidity demand and accelerating GP-led activity.
What is a GP-led continuation vehicle?
A continuation vehicle (CV) is a new fund structure that acquires one or more portfolio companies from an existing fund past its hold period. It gives GPs extended ownership of high-conviction assets and provides liquidity to existing LPs. CVs now represent roughly 40-50% of total secondary volume. Single-asset CVs dominate; multi-asset CVs (also called concentrated CVs) are growing.
Who are the largest secondary fund managers?
Top secondary managers by AUM include Ardian, Blackstone Strategic Partners, Lexington Partners, Coller Capital, HarbourVest, Goldman Sachs AIMS Vintage, Adams Street, Pantheon, ICG Strategic Equity, and LGT Capital Partners. The top 10 secondary managers control roughly 60% of dedicated secondary AUM.
What discount do secondaries typically trade at?
Buyout fund secondaries traded at an average 94% of NAV in H2 2024 per Jefferies (the tightest pricing since 2021), though venture/growth fund secondaries still traded at 75-85% of NAV. GP-led continuation vehicle pricing typically ranges 95-105% of NAV depending on asset quality and GP alignment economics.
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