Secondary Market Hits Record $220 Billion in 2025

The global secondary market achieved a record $220 billion in transaction volume in 2025-a 42% year-over-year increase-with volume projected to reach $250 billion in 2026, according to William Blair's 2026 Secondary Market Report, released today.

"Our survey once again shows how resilient the secondary market continues to be," said Mike Custar, head of Secondary Advisory and co-head of Private Capital Advisory at William Blair. "With volume surpassing $220 billion, and with $250 billion on the horizon, not only has the market's growth been remarkable, but it also highlights the continued innovation and adoption of liquidity solutions and portfolio optimization tools being utilized by both GPs and LPs."

The survey's 60 respondents included many of the market's largest secondary investors, with approximately 60% having invested over $500 million in secondary transactions in 2025, and approximately 40% having invested over $1 billion. More than half were dedicated secondary investors; 38% were combined primary and secondary investors; and those remaining were opportunistic primary or direct investors.

Takeaways from this year's survey include:

• Resilience Amid Macroeconomic, Geopolitical Tensions - While U.S. implementation of tariffs, the Russia/Ukraine war, and conflict in the Middle East were among events impacting the broader geopolitical landscape in 2025, 91% of survey respondents indicated no planned outflow changes as a result.
• European & Global Teams Grow to Capture Demand - Europe saw record transaction volumes of approximately $60 billion, underscoring why 65% of respondents have dedicated deal teams in the market, with 50% planning to expand their presence over the next 12 months. This was the first year in which William Blair's survey focused on Europe.
• Projections of $400 Billion by 2030 - Secondaries appear poised for further adoption and repeat use. While still early in the maturation of the market, the continuation fund track record is strong, supporting larger fund sizes and new market entrants. There is also a continual need for LP liquidity in private markets, particularly as more retail capital enters.

William Blair's Secondary Advisory practice launched in 2022 and now comprises more than 30 professionals throughout the United States and Europe. Over the 12-month period ending in March 2026, the firm completed more than 15 secondaries transactions (across both GP- and LP-led) representing a total volume of $17 billion.

About William Blair Investment Banking

William Blair's investment banking group enables corporations, financial sponsors, and owner/entrepreneurs around the world to achieve their growth, liquidity, and financing objectives. Drawing on the collective intellectual capital and deep sector expertise of a global team that reaches over 20 cities on four continents, the investment banking group brings a rigorous and innovative approach to corporate board advisory projects, mergers and acquisitions, and equity and debt financing. From January 2021 through December 2025, the team advised on more than $830 billion in completed transaction volume.

About William Blair

William Blair is the premier global partnership with expertise in investment banking, investment management, and private wealth management. We provide advisory services, strategies, and solutions to meet our clients' evolving needs. As an independent and employee-owned firm, together with our strategic partners, we operate in more than 30 offices worldwide.*

*Includes strategic partnerships with Allier Capital, BDA Partners, and Poalim Capital Markets.