Infrastructure Secondaries Daily
Secondaries Hit $240B as GPIF Eyes a $60B Alternatives Gap
Monday, July 13, 2026 · 8 min
Private equity secondaries hit a reported $226 billion to $240 billion in 2025, with GP-led continuation vehicles nearing half the market, while Japan’s GPIF faces pressure to use more of its alternatives cap — a potential $60 billion capital swing.
Listen
Show notes
Private equity secondaries hit a reported $226 billion to $240 billion in 2025, with GP-led continuation vehicles nearing half the market, while Japan’s GPIF faces pressure to use more of its alternatives cap — a potential $60 billion capital swing.
In this episode
- PE Secondaries 2025: Record $240B and NAV Discounts — Angel Investors Network
 # Private Equity Secondaries Hit $226-240B in 2025: What the Discount-to-NAV Data Really Shows TL;DR: The private equity secondary market hit a record $226 billion to $240 billion in 2025, up 41% to 48% year over year, depending on whether you trust Evercore's or Jefferies' count. Roughly half... ![Private Equity Secondaries Hit…
- Step Back — With secondaries volume reportedly at a record $240 billion and many trades still clearing below NAV, what exactly does a “discount to NAV” mean in private infrastructure funds — and is it more a buyer’s bargain, a seller’s liquidity cost, or a warning that the marks are stale?
Background sources
- The Secondary Market Is $240 Billion Now. Houlihan Lokey Says That Changes How You Have to Think About NAV. — Secondary Scoop
- Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
- The PE log jam: why over-marked assets can't trade, and what actually clears the market — Affinity
- Beyond the discount: what really drives secondaries returns | Secondaries Institute — Secondaries Institute
- Understanding Secondaries: Why Discounts Tell Half the Story — Wealthmanagement
- Bain's Midyear Warning: LP Scrutiny Is Making Continuation Vehicles Harder to Close — Secondary Scoop
- Infrastructure Secondaries Hit Their Stride: A Once-Niche Corner of the Market Could Reach $30 Billion in 2026 | Jefferies.com — amarx
- Japan pushes GPIF toward private markets as AI infrastructure needs capital | LavX News — LavX News
Japan pushes GPIF toward private markets as AI infrastructure needs capital | LavX News #Infrastructure # Japan pushes GPIF toward private markets as AI infrastructure needs capital July 11, 2026 at 04:48 PM• Niklas Berg •4 min read Share this article Save Tokyo wants the ¥293.6 trillion pension fund to use more of its 5% alternatives cap, a shift that could send tens of billions of…