Large buyers account for 70% of dry powder

The largest secondaries buyers have more than $1bn of capital to invest in secondaries, according to a survey conducted by AXON Partners.

The largest secondaries buyers account for more than 70 percent of the market’s dry powder, according to a survey conducted by AXON Partners, a European placement agent and secondary advisor.

Large buyers are defined as having more than $1 billion of dry powder to invest in secondaries. While they account for the most of the market’s capital, they represent only 15 percent of the broader buyer universe.

The majority or 65 percent of the buyer universe is made up of small-scale fund of funds and non-traditional buyers with less than $200 million of capital to invest in secondaries. However because of their size, this category of buyers only makes up 12 percent of available dry powder.

Source: AXON Partners