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 Nigel Dawn, global head of private capital advisory at Evercore.

While buyouts continued to account for the bulk of secondaries activity, Evercore said private credit, infrastructure, and venture strategies are playing a growing role. Private credit accounted for about 11% of general partner-led secondaries volume.

The expansion reflects the impact of higher interest rates, which have slowed exits and cash distributions, forcing both investors and fund managers to seek alternative routes to liquidity. Evercore noted that some managers have begun creating so-called “CV-squared” structures, rolling assets from one continuation vehicle into another.

The findings underline how the secondaries market has become a structural feature of private markets, rather than a niche solution, as capital recycling and portfolio management grow in importance.

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