On the Flying Bridge December 8, 2025
Global alternative assets under management was estimated to be $19.5 trillion at the end of 2024 according to JP Morgan Asset Management, of which approximately $4 trillion is in private equity, and half of that is in funds older than four years. It is somewhat surprising that only in the past couple of years has there been an explosion in secondary market activity. And yet, even as it looks that 2025 will be a high-water mark in secondary volume according to Lexington Partners, a leading secondaries investment firm, the $200 billion of transactions will only be about 1% of global AUM.
Over the past dozen years the level of activity has increased ~8x. In the history of secondary market transactions,...
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