The real estate secondaries market reached a record $20.3 billion in 2025, driven by rising demand for liquidity, stabilizing valuations and improving fundamentals, according to Ares Management's report.
Ares recorded 189 transactions, surpassing 2024 totals in both volume and deal count. General partner (GP)-led transactions dominated, rising 60 percent to $14.5 billion and accounting for 72 percent of total volume, as sponsors increasingly used continuation vehicles and recapitalizations to generate liquidity and retain control of assets. Larger deals were concentrated in sectors such as senior housing, multifamily and data centers, reflecting strong secular demand.
Limited partner (LP)-led activity increased to $5.8 billion, supported by investors seeking liquidity amid historically low fund distributions, with value-add and opportunistic s
