The secondaries market saw another record year for deal volume, with advisory reports pinning the overall figures somewhere between $152 billion and $165 billion.

In this episode, Secondaries Investor editor Madeleine Farman, senior reporter Hannah Zhang and reporter Silas Sloan dig into advisory reports. They walk through key themes that emerged, including the rising impact of evergreen capital and its effects on deal activity to date, the increasing scale of GP-led deals, the increasing scale of the buyer universe, right through to predictions on LP-led and GP-led activity for the year ahead.

Read more at Secondaries Investor:

Share of commitments for GP-led deals to grow in 2025 – Lazard