Record fundraising for GP-led secondaries hit $166 billion in 2025, up $50 billion from 2023, driven by new entrants and evergreen vehicles. Ardian’s $30 billion ninth flagship fund and EQT’s acquisition of Coller Capital highlight aggressive market expansion. However, LPs remain cautious, with only 17% preferring continuation vehicles (CVs) over traditional exits, citing transparency and liquidity concerns.

Deal volume soared 50% year-on-year to over $100 billion, with continuation vehicles growing 18% in size and 57% in $1B+ deals. Innovations like CV-on-CV structures saw 25% adoption, per Coller Capital’s survey. Credit-focused CVs drew fresh buyside participants, per Weil, Gotshal’s Brian Parness, while Ardian’s Sara Huang predicts more layered strategies amid delayed exits.

LP frustration persists despite process improvements. Bain/ILPA polls show 63% favor conventional exits even at losses, and just 16% have sufficient time for CV decisions. ILPA’s new disclosure template aims to standardize transparency, but Coller Capital’s Jeremy Coller warns: “Without self-regulation, regulators will step in.” GPs must balance alpha gains with investor alignment to sustain growth.

The GP-led secondaries landscape is evolving, but trust remains a hurdle. As capital inflows accelerate, addressing LP concerns through clearer processes and voluntary standards could define the strategy’s next phase.