Total secondary market volume for first half 2025 was $102.23 billion, according to the 25th Setter Capital Volume Report.
This is the volume estimate derived from the 143 secondary buyers surveyed with dedicated secondary efforts and includes 115 secondary funds, 16 funds of funds, five hedge funds, five investment consultants, one family office and one pension fund. The figure is also conservative, as it does not include the activity of over 1000 opportunistic and non-traditional buyers, whose combined activity may be significant, and it also does not capture the activity in the secondary market for shares in venture backed companies. For instance, the activities of all sovereign funds (including ADIA, ADIC, GIC, Temasek, etc.) were excluded entirely, even though some have built teams dedicated to secondary purchases.
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