Secondary Pricing Stays Firm as LP and GP-Led Volume Keeps Expanding

Pricing Has Held Up Better Than Many Expected Jefferies said global secondary volume reached a record $162 billion in 2024, with LP transactions at $87 billion and GP-led deals at $75 billion. The firm also said average LP portfolio pricing reached 89% of NAV last year, up meaningfully from 2023, although some early 2025 transactions came in slightly softer amid volatility. That combination of high volume and relatively resilient pricing matters because it shows buyer demand has remained deep even as distributions across private equity stayed uneven. Continuation Vehicles Remain Central Across the market, GP-led transactions and continuation vehicles continue to gain share as sponsors seek liquidity without giving up trophy assets too early. Separate 2026 market commentary from Torys described secondaries as having another record year in 2025 and emphasized that LP-led and GP-led activity both remained strong. LPs are using secondaries more programmatically for portfolio rebalancing. GPs are using continuation vehicles to generate DPI and preserve upside. Retail and evergreen capital are adding competitive pressure to pricing. Jefferies said buyers and sellers are still generally more aligned on price than they were in 2022 and 2023. The Structural Shift The market is no longer treating secondaries as an occasional distress valve. Instead, it is increasingly operating as an ongoing portfolio construction and liquidity ecosystem, with more capital sources, more product formats, and more standardized execution. That is especially important for private markets in a world where the IPO and M&A windows may open only selectively. Why This Matters for Private Markets Firm LP pricing, growing GP-led volume, and a broader buyer base all point to a more institutionalized secondaries market. That should improve liquidity planning for funds and investors alike, while making NAV discounts, process quality, and asset selection even more important drivers of relative value.