Infrastructure Secondaries Daily
Jefferies: Secondaries Hit $103B, LP Pricing at 90% of NAV
Monday, June 15, 2026 · 11 min
Jefferies’ H1 2025 Global Secondary Market Review puts first-half volume at $103 billion, up 51% year over year, with LP portfolios averaging 90% of NAV. The through-line: liquidity demand kept rising while GP-led continuation vehicles scaled across private markets.
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Jefferies’ H1 2025 Global Secondary Market Review puts first-half volume at $103 billion, up 51% year over year, with LP portfolios averaging 90% of NAV. The through-line: liquidity demand kept rising while GP-led continuation vehicles scaled across private markets.
In this episode
- H1 2025 Global Secondary Market Review - Jefferies.com — Jefferies
PRIVATE CAPITAL ADVISORY H1 2025 Global Secondary Market Review JULY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JULY 2025 H1 2025 Highlights ▪Global secondary market volume of $103 billion increased 51% from $68 billion in H1 2024. This represents the largest year-over-year H1 volume increase and the most active 6-month period in market history. Market volume was driven by multiple tailwinds,…
- [PDF] Global Secondary Market Review - Jefferies — Jefferies
PRIVATE CAPITAL ADVISORY Global Secondary Market Review JANUARY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JANUARY 2025 2024 Highlights ▪Global secondary market transaction volume rose to $162 billion, marking a 45% increase from $112 billion in 2023 and surpassing the previous record of $132 billion in 2021. Aggregate H2 2024 volume of $94 billion was 38% higher than H1 2024, with an 18% increase…
- [PDF] Continuation Vehicles and Coinvestments - Morgan Lewis — Morgan Lewis & Bockius LLP
© 2025 Morgan, Lewis & Bockius LLP June 10, 2025 NEW YORK Continuation Vehicles and Co-Investments Speakers Aaron D. Suh +1.215.963.5742 aaron.suh@ morganlewis.com Joseph D. Zargari +1.212.309.7020 (+joseph.zargari@ morganlewis.com Continuation Vehicles $10 $18 $21 $25 $74 $20 $18 $21 $20 $79 $2 $2 $3 $5 $12 $32 $38 $45 $50 $165 – $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 FY 2024 GP-Led…
- [PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super
THE JOURNAL OF SUPERANNUATION MANAGEMENT • FS Super www.fssuper.com.au June | 2025 Fundamentals of infrastructure secondaries Stepstone T he secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets net asset value (NAV) growth and the ongoing evolution of the general partner (GP)-led…
- [PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments
1 STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS GP-Led Secondaries: Impact of New SEC Rule on Valuation & Conflicts of Interest 1. Introduction On 23 August 2023, the Securities and Exchange Commission (SEC) introduced new rules and changes under the Investment Adviser Act of 1940 to bolster regulation of private fund advisers. These rules aim to protect investors in private funds by enhancing…