Secondaries Market Dynamics and Future Outlook

This report presents an in-depth analysis of the secondary market for private equity as it stands in 2025. It outlines key findings from a survey conducted by Private Equity Wire and SS&C, revealing that a significant portion of managers view secondaries data management as a work in progress. The report details the anticipated growth in secondary transactions, with estimates suggesting volumes could reach $162 billion in 2024. It discusses the challenges faced by the market, including the need for improved capital formation and the impact of education and regulation on growth. The report also highlights the role of technology, particularly tokenization, in enhancing liquidity and operational efficiency. Furthermore, it examines the structural sophistication of the secondary market compared to the primary market, noting that many managers believe it lags behind. Overall, the report emphasizes the importance of operational optimization and capital flow for the future of the secondary market.