Infrastructure Secondaries Daily
LP Secondaries Hit $87B, Pricing Rises to 89% of NAV
Tuesday, June 23, 2026 · 10 min
LP secondaries reached $87 billion of volume in 2024, with average pricing rising to 89% of NAV, while Setter, Macquarie, ILPA and Preqin frame the next pressure point: infra specialization, GP-led governance, and buyer capital capacity.
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LP secondaries reached $87 billion of volume in 2024, with average pricing rising to 89% of NAV, while Setter, Macquarie, ILPA and Preqin frame the next pressure point: infra specialization, GP-led governance, and buyer capital capacity.
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…
- [PDF] Perspectives - Infrastructure secondaries specialisation can unlock ... — Macquarie Asset Management
MACQUARIE ASSET MANAGEMENT Perspectives Infrastructure secondaries specialisation can unlock opportunities Infrastructure Secondaries | April 2025 Wandy Hoh | Head of Infrastructure Secondaries Christian Simmons | Infrastructure Secondaries Investment Associate Aizhan Meldebek | Global Infrastructure Strategist Executive summary • Sourcing and identifying attractive opportunities in the private…
- [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] Secondaries in 2025 — Preqin
Secondaries in 2025 > Since 2022, the soft exit environment has been a boon to the secondaries market. We expect the LP-led market to deepen, and GP-led secondaries are set to benefit from further growth > Continuation funds have become mainstream in private equity, representing almost half of the secondaries market > Although private equity secondaries dominate by share of AUM, infrastructure…