Vehicles focused on the strategy collected nearly $166bn through final closes last year, marking a 48% increase on the prior biggest fundraising year.
Some GPs view continuation vehicles as 'temporary measures', according to the financial services firm.
More capital was raised for the strategy between Q1 and Q3 than the $118bn gathered in 2023.
Family offices' ability to provide patient capital to private markets while other investors face liquidity constraints is further fuelling interest in the secondaries market, according to a report.
The manager's latest report estimates RE secondaries saw more than $24bn in volume last year.
Secondaries volume hit an estimated $105bn in the first half, according to Greenhill's H1 2025 Global Secondary Market Review.
The first half of the year saw 38 continuation vehicles close, with several more launching or being eyed, according to data gathered by Secondaries Investor.
More international investors are looking to India as China becomes more localised, according to research from the Global Private Capital Association.
Full-year deal volume could reach as much as $230bn, according to the investment bank's estimates.
More capital was raised for secondaries in the first six months of this year than any other first half since the strategy's inception.