data snapshot

Around $17bn-worth of big processes launched or closed last year, according to Secondaries Investor data.

The lower-risk nature of real estate exposure means sellers are less likely to opportunistically bring $1bn-plus portfolios to market.

Interactive charts showing return expectations, drivers of pricing, use of leverage and other key points from Evercore and Setter Capital's full-year reports.

Last year was the lowest for final closes since 2011.

A total of $54.6bn worth of secondaries deals traded last year, 4.4 times the amount transacted in 2009.

The most recent vintage of secondaries funds is considerably larger than the last, though last year's closes suggest the mid-market may be an exception.

The new secondaries database shows which of the biggest firms are raising.

Expect another year of healthy trading in the market for second-hand fund stakes.

A combination of high valuations, geopolitics and currency concerns is affecting the asset manager's secondaries market outlook.

The divergence of these metrics brings into question the idea that secondaries offers a quick path to liquidity, according to data from eFront.