The ninth edition of our law firm survey shows top law firms advising on a collective $1.03tn of transaction volume, nearly $150bn greater than cumulative numbers seen last year.
Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.
The median MOIC for continuation funds slightly outperforms that of buyouts, in line with findings presented early last year including a larger data set, according to a report.
While fundraising figures in the first quarter were lofty, most of the capital raised came from Ardian’s record-breaking close in January.
Secondaries were seen as offering the best investment opportunities for about 28% of LPs this year, up from 24% in 2023, according to a survey from Adams Street Partners.
Last year saw 70 continuation vehicles close, with scores more hitting the market, according to data gathered by Secondaries Investor.
Small-cap secondaries funds have a number of competitive advantages over their larger counterparts, including higher discounts due to a mismatch in supply and demand, according to a new white paper from the Paris-based buyer.
GP-led transactions hit $84bn in volume last year, significantly up from $45bn in 2023, according to Greenhill's Global Secondary Market Review FY 2024.
The New York State Common Retirement Fund made the two largest commitments last year to funds managed by TPG and Blue Owl.
Over 75% of manager respondents say it is likely or highly likely they’ll look to the secondaries market across 2025 and 2026 compared with 45% in PJT’s 2023 survey.