Investment in private-market secondaries broke records in 2024, with $162 billion in closed transactions, according to BlackRock’s Private Market Secondaries: FY2024 Market Recap & Outlook.
Limited partners led pricing drives, with a 45 percent year-over-year increase coming from favorable market conditions boosted portfolios that focused on pricing and transaction certainty, says the outlook. This created positive price movement among almost every asset class.
Accounting for 48 percent of the volume of the general partner market, single-asset continuation vehicles maintain prevalence as they continue to rise due to strong quality, GP alignment and sector focus.
A strong finish to 2024 has created momentum for secondary deals in 2025. As dry powder closed 2024 at $216 billion, the supply-demand imbalance remains persistent. For buyers, easing monetary policy and signs of exit activity may be promising, but slowed top-line growth, geopolitical vola
