GP-led secondaries transactions reached new heights in 2025, with volume growing over 50 percent to more than $100 billion. The market saw record fundraising, including Ardian's $30 billion flagship secondaries fund, as new players entered through both organic expansion and M&A deals like EQT's acquisition of Coller Capital.

Capitalization continues to improve despite lingering supply-demand mismatches. Secondaries fundraising hit nearly $166 billion in 2025, up $50 billion from 2023's previous record. The rise of evergreen vehicles is reshaping the landscape, with Lazard reporting that a quarter of secondaries investors plan to deploy more evergreen capital in 2025.

Deal innovation accelerated across asset classes, from buyouts to venture and credit. CV-squared transactions gained traction, with around a quarter of LPs already seeing such deals from their GPs. However, LP frustrations persist over transparency and decision-making pressures, prompting ILPA to release a continuation fund disclosure template in January to standardize processes and improve market integrity.