Nicholas Neveling

Secondaries are evolving from a problem-solving backstop into a strategic tool for North American LPs navigating liquidity constraints and portfolio complexity.

GP-led deal volume hit an all-time high in 2025, but record growth doesn’t necessarily equate to LP satisfaction with continuation vehicle processes.

Rising dry powder and changing attitudes among LPs trading in the secondaries space have laid the foundation for a more diverse and specialised manager pool.

The US secondaries market may have notched up record levels of deal activity in 2024, but global trade uncertainty and volatility elsewhere in the markets leave the situation delicately poised.

Investor appetite for GP stakes funds has expanded rapidly, and some LPs are still treading carefully.