Secondary deals for private assets jumped 41% to a record $226 billion last year, according to a report from Evercore Inc. Investors are increasingly turning to this market to unlock liquidity, moving beyond traditional buyout funds.

This surge reflects a maturing private equity landscape. Limited partners, facing longer holding periods and market volatility, are selling stakes to generate cash or rebalance portfolios. The trend provides an exit path in a challenging economic environment.

The growth signals a more active secondary market. Expect more creative deal structures and a deeper pool of capital. The key question is whether this momentum can sustain if public markets falter or if the volume of available assets tightens.