Secondary Market Volume Surges 42% to $220 Billion

The global secondary market reached $220 billion in transaction volume in 2025, a 42% increase over 2024, with respondents to William Blair’s annual secondary market survey projecting volume will rise to $250 billion in 2026, according to the firm’s 2026 Secondary Market Report released March 26.

The survey drew 60 respondents from among the market’s largest secondary investors. Approximately 60% invested more than $500 million in secondary transactions in 2025; approximately 40% invested more than $1 billion. More than half were dedicated secondary investors. Another 38% were combined primary and secondary investors, with the remainder classified as opportunistic primary or direct investors.

Despite a challenging macroeconomic and geopolitical backdrop—including U.S. tariff implementation, the Russia-Ukraine war, and conflict in the Middle East—91% of respondents indicated no planned changes to their outflow activity as a result. The finding underscores the defensive character of the secondary market, where limited partner liquidity needs and general partner portfolio management objectives tend to persist regardless of broader conditions.

Europe emerged as a significant focus of the report for the first time. The continent recorded approximately $60 billion in secondary transaction volume in 2025, and 65% of respondents indicated they maintain dedicated deal teams there. Half plan to expand their European presence over the next 12 months. William Blair’s survey included a dedicated European section for the first time this year.

“Our survey once again shows how resilient the secondary market continues to be,” said Mike Custar, head of Secondary Advisory and co-head of Private Capital Advisory at William Blair. “With volume surpassing $220 billion, and with $250 billion on the horizon, not only has the market’s growth been remarkable, but it also highlights the continued innovation and adoption of liquidity solutions and portfolio optimization tools being utilized by both GPs and LPs.”

Longer-term projections in the report point to $400 billion in secondary volume by 2030. William Blair attributes the expected growth to several reinforcing factors: the continued build-out of the continuation fund market, which it describes as early in its maturation cycle; the increasing use of the secondary market as a repeat portfolio management tool rather than a one-time liquidity mechanism; and the entry of retail capital into private markets, which it expects to generate persistent LP liquidity demand.

The report also reflects growth in William Blair’s own secondary advisory practice. The group, launched in 2022, now comprises more than 30 professionals across the United States and Europe. In the 12-month period ending March 2026, it completed more than 15 secondary transactions—both GP-led and LP-led—representing $17 billion in total volume.

William Blair is a Chicago-based independent, employee-owned financial services firm operating across investment banking, investment management, and private wealth management. Its investment banking group operates across more than 20 cities on four continents. From January 2021 through December 2025, the group advised on more than $830 billion in completed transaction volume.

Click HERE to read the 2026 Secondary Market Report.