Secondaries are evolving from a problem-solving backstop into a strategic tool for LPs navigating liquidity constraints and portfolio complexity. The LP-led secondaries market set a new deal volume record last year, surpassing $100 billion for the first time. Adviser estimates put volume for the full year at between $120 billion and $125 billion, with North America continuing to represent the lion's share of activity.

And while more LPs, including several US university endowments, offloaded stakes on the market for the first time, around six in 10 LPs were repeat sellers, according to data from Jefferies.