Evercore Inc. released a report showing private asset secondary deals hit a record $226 billion in 2025, up 41 % from 2024. The surge reflects new deal structures and rising liquidity demands, expanding beyond traditional buyouts into private credit, infrastructure, and venture capital for investors in 2025.

Limited partners drove 35 % growth in portfolio sales, reaching $120 billion, while general partners saw a 50 % jump to $106 billion. Buyouts dominated, yet private credit accounted for 11 % of general‑partner deals, signaling diversification across asset classes for longer holding periods and higher returns in 2025 and beyond.

Nigel Dawn, Evercore’s global head of private capital advisory, noted that continuation funds enable managers to retain valuable assets longer, sustaining secondary market momentum. Investors prioritize returns, and these vehicles have delivered solid performance, reinforcing confidence for future growth in 2026 and beyond.

The record volume signals a maturing secondary market that offers liquidity and diversification to institutional investors. Analysts expect continued growth as more funds seek flexible exit strategies, while regulatory clarity and technology platforms streamline transactions, making the market more accessible to a range of participants.