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.
With the number of buyout-backed companies growing and exits not keeping up, funds are finding themselves with almost no dry powder.
The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.
A report by the investment bank and the HEC School of Management in Paris has reaffirmed findings that continuation funds perform largely in line with buyout funds with less risk.