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
Regulatory
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.
Fundraising
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.
Fundraising
Mercer Raises $3.8 Billion for Latest Private Markets Fund
Mercer, part of Marsh & McLennan Cos, has closed its Private Investment Partners VIII fund at over $3.8 billion, attracting diverse global investors for multi-asset private markets exposure.
All Secondaries Coverage
Mercer Raises $3.8 Billion for Private Investment Partners VIII Fund
Mercer has secured over $3.8 billion for its latest private markets fund, attracting commitments from global institutional investors amid strong demand for diversified strategies.
Mercer Raises $3.8bn for Latest Private Markets Fund
Mercer, part of Marsh & McLennan Cos, has raised over $3.8 billion for its eighth private investment fund, attracting commitments from global institutional investors.
Orchard Co-Founder Predicts Fourfold Growth in Continuation Vehicle Market
Scott Pasquini of Orchard expects the continuation vehicle market to expand up to four times amid GPs' efforts to bypass closed-end fund timelines, per Buyouts Insider.
Orchard Co-Founder Sees Fourfold Growth in Continuation Vehicle Market
Scott Pasquini predicts the continuation vehicle market could expand four times its current size as GPs seek to escape closed-end fund timelines.
Private Equity Fundraising Reaches $152 Billion in Q1 2026
Private equity funds raised $152 billion in the first quarter of 2026, marking a 14% increase from the previous year, according to PEI Group data.
Netley Capital Increases Deployable Capital to $825 Million
Netley Capital expands its tertiaries franchise by securing additional capital, reflecting growing investor demand in the secondary market.
Netley Capital Secures Additional Capital for Tertiaries Franchise
Netley Capital has increased its deployable capital to $825m from $315m since September 2025 launch, amid rising investor demand for secondary market solutions.
Democratisation and Secondaries Pressure Private Equity Infrastructure
Private equity exits and dealmaking lag M&A activity, straining secondaries amid democratisation and AI adoption, according to Private Equity Wire.
Private Equity Secondaries Face Infrastructure Pressure Amid Lagging Deals
Private equity exits and dealmaking lag wider M&A activity, increasing pressure on secondary market infrastructure as democratisation expands investor access.
Healthcare-Focused PE Firm Linden Considers Secondaries Strategy
Chicago-based private equity firm Linden is exploring a secondaries strategy as more buyout firms enter this market, according to recent reports.
Linden PE Firm Mulls Secondaries Strategy in Healthcare
Chicago-based healthcare-focused PE firm Linden is considering entering the secondaries market, joining other buyout firms.
Lead Edge's Seventh Fund to Explore Secondaries Strategies Amid AI Shifts
Growth investor Lead Edge plans for its seventh fund to invest in various secondaries strategies, as reported in a recent article.
Lead Edge's Seventh Fund to Tap Secondaries Amid AI Shifts
Growth investor Lead Edge's seventh fund may invest in various secondaries strategies as AI influences the market, according to a recent report.
Carlyle's Deal Advances Structured Solutions for GPs
A live deal by Carlyle is elevating structured solutions in fundraising and liquidity for general partners, according to a Buyouts Insider report.
Carlyle's Live Deal Advances Structured Solutions for Fundraising
A Carlyle deal is taking structured solutions to a new level for general partners' fundraising and liquidity paths, as reported by Buyouts Insider.
Family Offices Concerned Over Rise of Zombie Funds
Stonehage Fleming and GreenBear Group advocate for quick wind-up of aging funds to avoid valuation issues, as per Buyouts Insider.
Family Offices Outline Concerns Over Rise of Zombie Funds
Stonehage Fleming and GreenBear Group express worries about aging funds, urging quick wind-ups to avoid valuation issues, according to Buyouts Insider.
University of California Sells $3bn LP Portfolio in Secondaries Market
The University of California is seeking to sell its $3bn LP portfolio in the secondaries market, marking another instance of liquidity pursuit.
University of California Shops $3bn LP Portfolio for Sale
The University of California is seeking to sell a $3bn limited partner portfolio, marking another entry into the secondaries market.
University of California Shops $3bn LP Portfolio in Major Sale
The University of California is selling a $3 billion limited partner portfolio in the secondaries market, marking its latest effort to seek liquidity.
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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