Silas Sloan

LP-led volume saw a 54% year-on-year increase in 2025, reaching $121bn as LPs traded a wider mix of fund quality and accepted larger discounts, a report shows. 

Blue Owl is building out its relatively new secondaries unit, aiming to be a market leader in the GP-led space.

The US pension plan is targeting a 5-15% exposure to secondaries and committed a total of $400m to two HarbourVest vehicles.

The firm is continuing the expansion of its private funds group as demand for secondaries grows.

While fundraising continues to skyrocket, the amount of dry powder available has remained 'fairly flat', and more capital is needed for the market to keep pace with demand, Evercore's Nigel Dawn tells Secondaries Investor.

The energy-focused firm's latest $300m secondaries vehicle will target oil and gas, avoiding renewable energy.

The vehicle surpassed its target by €350m, making it the Spanish firm’s largest secondaries fund to date.

Vehicles focused on the strategy collected nearly $166bn through final closes last year, marking a 48% increase on the prior biggest fundraising year.

The latest tool from the digital LP-led marketplace allows buyers to share fund stakes of interest and then lets the sellers come to them.

Despite economic headwinds and geopolitical uncertainty, there is still a strong appetite for North American secondaries in 2026, sources tell Secondaries Investor.