The Secondaries Investor Law Firm Survey 2025 shows top law firms advising on a collective $1.03trn of transaction volume, nearly $150bn greater than last year.
Eighteen law firms took part in the survey this year, with Kirkland & Ellis continuing its dominance from last year, boasting the highest deal volume among respondents with $223.2 billion advised between 1 November 2023 and 31 October 2024.
To access the full insights from the survey, as well as ones stretching back to 2017, click on the tiles below.
LAW FIRM SURVEY ARCHIVE
LATEST SECONDARIES INVESTOR HEADLINES
Commentary: Rise of the secondaries ‘bottom feeders’
EQT's acquisition of secondaries pioneer Coller Capital comes as the market for LP stake sales and continuation funds hits new heights.
Credit secondaries is set for another banner year
Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.
Five things to know about EQT’s $3.7bn Coller acquisition
The transaction marks EQT's entrance into the secondaries market and expansion into insurance offerings, with secondaries doyen Jeremy Coller reporting to chief executive Per Franzén.
DOWNLOAD: Non-US LPs gain ground among largest secondaries investors in 2025
While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.
Auldbrass Partners targets $350m for latest secondaries vehicle
Auldbrass acquires secondaries interests through LP-led and GP-led opportunities in mid-market buyout, global buyout and growth equity.
