Despite the challenging public markets and inflationary economy, the secondary market volume logged $57.8 billion in first half 2022 volume, up modestly from the $54.9 billion transacted in first half 2021, according to a report by Setter Capital.
With the exception of energy funds, volume was flat or up across all alternative investments in the secondary market. Private equity secondaries (funds and directs) increased 3.6 percent year-over-year, to a total of $53.76 billion. Private equity funds were up 34.8 percent ($27.21 billion in the first half 2022, from $20.18 billion in first half 2021). Increases were seen across LBO fund secondaries (up 33.9 percent to $19.43 billion in first half 2022, from $14.52 billion in first half 2021), venture capital (VC) fund secondaries (up 33.7 percent to $3.77 billion in first half 2022, from $2.82 billion in first half 2021), and fund of fund secondaries (up 76.5 percent to $2.81 billion in first half 2022, from $1.59 billion in first