Infrastructure Secondaries Daily
LP Secondaries Hit $87B as Pricing Climbs to 89% of NAV
Tuesday, June 16, 2026 · 17 min
Commonfund’s secondaries paper cites $87 billion of 2024 LP secondary volume and average pricing at 89% of NAV, while Setter and ILPA materials frame the harder question for infrastructure desks: how private-market volume is counted, and where GP-led conflicts sit.
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Show notes
Commonfund’s secondaries paper cites $87 billion of 2024 LP secondary volume and average pricing at 89% of NAV, while Setter and ILPA materials frame the harder question for infrastructure desks: how private-market volume is counted, and where GP-led conflicts sit.
In this episode
- [PDF] Volume Report H1 2025 - Setter Capital — Setter Capital
Setter Capital Volume Report 1 First in the secondary market. . Volume Report H1 2025 25th Edition Setter Capital Volume Report 2 Highlights The Setter Volume Report analyzes global secondary market activity in H1 2025 and covers the following topics: › Total Volume of Secondary Deals › Breakdown of Volume between Funds and Directs › Breakdown of Volume by Type of Assets Purchased › Breakdown of…
- Step Back — When a Jefferies, Setter or Campbell Lutyens report says infrastructure secondaries traded at a certain volume or discount, how are those private deals actually being counted — and why might the headline numbers differ from one report to another?
Background sources
- H1 2025 Global Secondary Market Review — Jefferies
- Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
- Secondaries Q1 2026 Update | Insights | Ropes & Gray LLP — Ropes & Gray LLP
- Secondaries Q1 2026 Update - Lexology — Lexology
- [PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association
. GP-led Secondary Fund Restructurings Considerations for Limited and General Partners April 2019 © 2019 Institutional Limited Partners Association. All rights reserved. 2 Table of Contents Overview and Summary Recommendations 3 General Partner-led Restructurings Defined 4 Considerations and Recommended Best Practices Limited Partner Engagement and the Role of the LPAC 5 Disclosures 6 Structure…
- [PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund
The Secondary market vaulted to a record year in 2024 and is poised for another record-breaking year in 2025. Secondary market growth is constrained by both a lack of investable and human capital. The rise of the ‘40 Act funds, the increase in GP-led funds, and the robust LP market are driving volume increases. Blossoming New Era of Secondaries by Lawrence Shoykhet 1 Blossoming New Era of…
- [PDF] Private equity secondaries market set for more growth after record year — Pantheon
PRIVATE AND CONFIDENTIAL APRIL 2025 FROM STRENGTH TO STRENGTH: PRIVATE EQUITY SECONDARIES MARKET SET FOR MORE GROWTH AFTER RECORD YEAR 2 From strength to strength: Private equity secondaries market set for more growth after record year Conditions for private equity secondaries continue to be supportive, leading to a growing interest in the market from both General Partners (GPs) and Limited…