LP secondaries reached $87 billion of volume in 2024, with average pricing rising to 89% of NAV, while Setter, Macquarie, ILPA and Preqin frame the next pressure point: infra specialization, GP-led governance, and buyer capital capacity.

In this episode

1. [PDF] Volume Report H1 2025 - Setter Capital — Setter Capital

   Setter Capital Volume Report 1 First in the secondary market. . Volume Report H1 2025 25th Edition Setter Capital Volume Report 2 Highlights The Setter Volume Report analyzes global secondary market activity in H1 2025 and covers the following topics: › Total Volume of Secondary Deals › Breakdown of Volume between Funds and Directs › Breakdown of Volume by Type of Assets Purchased › Breakdown of…

2. [PDF] Perspectives - Infrastructure secondaries specialisation can unlock ... — Macquarie Asset Management

   MACQUARIE ASSET MANAGEMENT Perspectives Infrastructure secondaries specialisation can unlock opportunities Infrastructure Secondaries | April 2025 Wandy Hoh | Head of Infrastructure Secondaries Christian Simmons | Infrastructure Secondaries Investment Associate Aizhan Meldebek | Global Infrastructure Strategist Executive summary • Sourcing and identifying attractive opportunities in the private…

3. [PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association

   . GP-led Secondary Fund Restructurings Considerations for Limited and General Partners April 2019 © 2019 Institutional Limited Partners Association. All rights reserved. 2 Table of Contents Overview and Summary Recommendations 3 General Partner-led Restructurings Defined 4 Considerations and Recommended Best Practices Limited Partner Engagement and the Role of the LPAC 5 Disclosures 6 Structure…

4. [PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund

   The Secondary market vaulted to a record year in 2024 and is poised for another record-breaking year in 2025. Secondary market growth is constrained by both a lack of investable and human capital. The rise of the ‘40 Act funds, the increase in GP-led funds, and the robust LP market are driving volume increases.

Blossoming New Era of Secondaries by Lawrence Shoykhet 1 Blossoming New Era of…

[PDF] Secondaries in 2025 — Preqin

Secondaries in 2025 > Since 2022, the soft exit environment has been a boon to the secondaries market. We expect the LP-led market to deepen, and GP-led secondaries are set to benefit from further growth > Continuation funds have become mainstream in private equity, representing almost half of the secondaries market > Although private equity secondaries dominate by share of AUM, infrastructure…

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].

Jefferies H1 2025 secondary market review puts global volume at $103 billion and average LP-portfolio pricing at 90% of NAV, with Morgan Lewis and StepStone context on GP-led continuation vehicles and infrastructure secondaries.

In this episode

1. [PDF] H1 2025 Global Secondary Market Review - Jefferies — Jefferies

   PRIVATE CAPITAL ADVISORY H1 2025 Global Secondary Market Review JULY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JULY 2025 H1 2025 Highlights ▪Global secondary market volume of $103 billion increased 51% from $68 billion in H1 2024. This represents the largest year-over-year H1 volume increase and the most active 6-month period in market history. Market volume was driven by multiple tailwinds,…

2. campbell-lutyens-1h-2025-secondary-market-overview-report.pdf — Campbell Lutyens

   Strictly private & confidential

## 1H 2025

# Secondary Market

# Overview Report Campbell Lutyens ΙStrictly private & confidential

Transaction pricing analysis Transaction pricing analysis

Transaction

pricing analysis

Highlights Highlights

Highlights

Geographical dispersion of activity Geographical dispersion of activity

Geographical

dispersion of activity

LP-led…

Continuation Vehicles and Coinvestments — Morgan, Lewis & Bockius LLP

© 2025 Morgan, Lewis & Bockius LLP June 10, 2025 NEW YORK Continuation Vehicles and Co-Investments Speakers Aaron D. Suh +1.215.963.5742 aaron.suh@ morganlewis.com Joseph D. Zargari +1.212.309.7020 (+joseph.zargari@ morganlewis.com Continuation Vehicles $10 $18 $21 $25 $74 $20 $18 $21 $20 $79 $2 $2 $3 $5 $12 $32 $38 $45 $50 $165 – $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 FY 2024 GP-Led…

[PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments

1 STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS GP-Led Secondaries: Impact of New SEC Rule on Valuation & Conflicts of Interest 1. Introduction On 23 August 2023, the Securities and Exchange Commission (SEC) introduced new rules and changes under the Investment Adviser Act of 1940 to bolster regulation of private fund advisers. These rules aim to protect investors in private funds by enhancing…

[PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super

THE JOURNAL OF SUPERANNUATION MANAGEMENT • FS Super www.fssuper.com.au June | 2025 Fundamentals of infrastructure secondaries Stepstone T he secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets net asset value (NAV) growth and the ongoing evolution of the general partner (GP)-led…

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].

GCP Infrastructure is using capital recycling to narrow its discount, targeting £150m of disposals, at least £50m returned to shareholders, and an RCF balance reduced to £10m.

In this episode

1. GCP Infrastructure - Substantive progress - QuotedData — QuotedData

   

##### Search

##### Account

##### Menu

# GCP Infrastructure – Substantive progress

###### Sectors

## Substantive progress

Since interest rates began to rise to tackle inflation, GCP Infrastructure (GCP) has, like many similar investment companies, been afflicted by a wide share price discount to net asset value (NAV).…

Step Back — When someone says an infrastructure stake sold at, say, a 10% discount to NAV, what is that NAV actually based on in a private fund — and how much confidence should we have in it when the roads, data centers, or power assets aren’t trading every day?Background sources

• Infrastructure valuation: a checklist for sponsors - Gridlines — Gridlines
• Infrastructure valuations | UBS United States of America — UBS United States of America
• Can You Trust the NAV of a Private Credit Fund? — Owners
• The Surprising Math of Secondary Fund Returns — Richard Baker
• Pricing in LP Secondary Sales — Joran Partners — Written By Tanmay Annachhatre

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].

Coller Capital says GP-led continuation-fund volume reached $108 billion in 2025, up from $77 billion, while the governance question remains whether fairness opinions, LPAC review, and buyer pricing really protect selling LPs.

In this episode

1. GP-Led secondaries in 2025: A record-breaking year — Coller Capital

   # GP-Led secondaries in 2025: A record-breaking year

## Coller Capital

764 subscribers

### Description

14 views

Posted: 26 May 2026

Paul Lanna, Partner, Investment at Coller Capital, on the state of the GP-led market and where a scaled buyer finds its edge.

### Transcript:

2025 was another record-breaking year for GPLEDs, uh, specifically continuation funds. There was $108 billion of…

Step Back — When a GP-led continuation vehicle lets fund investors either cash out or roll over, who actually checks that the price is fair — and what keeps it from becoming a case of the manager grading its own homework?Background sources

• Continuation Funds: Ethics in Private Markets, Part I — Cfainstitute
• Managing Economics and Conflicts in GP-Led Real Estate Continuation Vehicles | Insights & Resources | Goodwin — Goodwin
• Mainstream, Not Marginal: What’s Next for Continuation Funds | Skadden, Arps, Slate, Meagher & Flom LLP — Skadden, Arps, Slate, Meagher & Flom LLP
• Source — Sacrs
• Fund-of-funds doing secondaries adds conflict on top of conflict - PitchBook — Pitchbook

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily on Apple Podcasts. Feedback? Email [email protected].

Commonfund’s secondaries paper cites $87 billion of 2024 LP secondary volume and average pricing at 89% of NAV, while Setter and ILPA materials frame the harder question for infrastructure desks: how private-market volume is counted, and where GP-led conflicts sit.

In this episode

1. [PDF] Volume Report H1 2025 - Setter Capital — Setter Capital

   Setter Capital Volume Report 1 First in the secondary market. . Volume Report H1 2025 25th Edition Setter Capital Volume Report 2 Highlights The Setter Volume Report analyzes global secondary market activity in H1 2025 and covers the following topics: › Total Volume of Secondary Deals › Breakdown of Volume between Funds and Directs › Breakdown of Volume by Type of Assets Purchased › Breakdown of…

2. Step Back — When a Jefferies, Setter or Campbell Lutyens report says infrastructure secondaries traded at a certain volume or discount, how are those private deals actually being counted — and why might the headline numbers differ from one report to another?Background sources
   • H1 2025 Global Secondary Market Review — Jefferies
   • Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
   • Secondaries Q1 2026 Update | Insights | Ropes & Gray LLP — Ropes & Gray LLP
   • Secondaries Q1 2026 Update - Lexology — Lexology
3. [PDF] GP-led Secondary Fund Restructurings | ILPA — Institutional Limited Partners Association

   . GP-led Secondary Fund Restructurings Considerations for Limited and General Partners April 2019 © 2019 Institutional Limited Partners Association. All rights reserved. 2 Table of Contents Overview and Summary Recommendations 3 General Partner-led Restructurings Defined 4 Considerations and Recommended Best Practices Limited Partner Engagement and the Role of the LPAC 5 Disclosures 6 Structure…

4. [PDF] Blossoming New Era of Secondaries | Commonfund — Commonfund

   The Secondary market vaulted to a record year in 2024 and is poised for another record-breaking year in 2025. Secondary market growth is constrained by both a lack of investable and human capital. The rise of the ‘40 Act funds, the increase in GP-led funds, and the robust LP market are driving volume increases.

Blossoming New Era of Secondaries by Lawrence Shoykhet 1 Blossoming New Era of…

[PDF] Private equity secondaries market set for more growth after record year — Pantheon

PRIVATE AND CONFIDENTIAL APRIL 2025 FROM STRENGTH TO STRENGTH: PRIVATE EQUITY SECONDARIES MARKET SET FOR MORE GROWTH AFTER RECORD YEAR 2 From strength to strength: Private equity secondaries market set for more growth after record year Conditions for private equity secondaries continue to be supportive, leading to a growing interest in the market from both General Partners (GPs) and Limited…

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].

Jefferies’ H1 2025 Global Secondary Market Review puts first-half volume at $103 billion, up 51% year over year, with LP portfolios averaging 90% of NAV. The through-line: liquidity demand kept rising while GP-led continuation vehicles scaled across private markets.

In this episode

1. H1 2025 Global Secondary Market Review - Jefferies.com — Jefferies

   PRIVATE CAPITAL ADVISORY H1 2025 Global Secondary Market Review JULY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JULY 2025 H1 2025 Highlights ▪Global secondary market volume of $103 billion increased 51% from $68 billion in H1 2024. This represents the largest year-over-year H1 volume increase and the most active 6-month period in market history. Market volume was driven by multiple tailwinds,…

2. [PDF] Global Secondary Market Review - Jefferies — Jefferies

   PRIVATE CAPITAL ADVISORY Global Secondary Market Review JANUARY 2025 2 GLOBAL SECONDARY MARKET REVIEW | JANUARY 2025 2024 Highlights ▪Global secondary market transaction volume rose to $162 billion, marking a 45% increase from $112 billion in 2023 and surpassing the previous record of $132 billion in 2021. Aggregate H2 2024 volume of $94 billion was 38% higher than H1 2024, with an 18% increase…

3. [PDF] Continuation Vehicles and Coinvestments - Morgan Lewis — Morgan Lewis & Bockius LLP

   © 2025 Morgan, Lewis & Bockius LLP June 10, 2025 NEW YORK Continuation Vehicles and Co-Investments Speakers Aaron D. Suh +1.215.963.5742 aaron.suh@ morganlewis.com Joseph D. Zargari +1.212.309.7020 (+joseph.zargari@ morganlewis.com Continuation Vehicles $10 $18 $21 $25 $74 $20 $18 $21 $20 $79 $2 $2 $3 $5 $12 $32 $38 $45 $50 $165 – $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 FY 2024 GP-Led…

4. [PDF] Fundamentals of infrastructure secondaries - FS Super — FS Super

   THE JOURNAL OF SUPERANNUATION MANAGEMENT • FS Super www.fssuper.com.au June | 2025 Fundamentals of infrastructure secondaries Stepstone T he secondary market has been a hot topic of conversation across private markets throughout the 2020s. Continued growth in deal volumes driven by overall private markets net asset value (NAV) growth and the ongoing evolution of the general partner (GP)-led…

5. [PDF] Impact of New SEC Rule on Valuation & Conflicts of Interest — Standards Board for Alternative Investments

   1 STANDARDS BOARD FOR ALTERNATIVE INVESTMENTS GP-Led Secondaries: Impact of New SEC Rule on Valuation & Conflicts of Interest 1. Introduction On 23 August 2023, the Securities and Exchange Commission (SEC) introduced new rules and changes under the Investment Adviser Act of 1940 to bolster regulation of private fund advisers. These rules aim to protect investors in private funds by enhancing…

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].

Partners Group secured $650 million for its fifth real estate secondaries strategy, targeting $1.5 billion across a closed-end fund, bespoke mandates and related vehicles as real estate LP liquidity remains tight.

In this episode

1. Partners Group secures $650m for new real estate secondaries strategy | News | Real Assets — IPE staff 11 June 2026

   Partners Group Holds $650 Million First Close for Fifth Real Estate Secondaries Program | MarketScreener Australia

PARTNERS GROUP HOLDING AG

Add to a list PDF Report

# Partners Group Holding AG

## Stocks

## PGHN

## CH0024608827

## Investment Management & Fund Operators

Market Closed - Swiss Exchange

| 01:30:08 12/06/26 am AEST | 5-day change | 1st Jan Change |

| --- | --- | --- |

|…

Step Back — When a firm says it’s raising a real-assets or infrastructure “secondaries” fund, what is it actually buying — LP stakes, continuation-vehicle interests, direct asset exposure — and why does that mix change what listeners should infer from a headline fundraising number?Background sources

• Secondaries 101 | Research & Insights — [email protected]
• Infrastructure Secondaries Are Becoming Structural: Why Operational Execution Is Now the Deciding Factor - Alter Domus — Alterdomus
• From Last Resort to First Choice: How Real Assets Secondaries Are Powering Liquidity and Strategy | Jefferies.com — csullivan
• PE Secondary Transactions and GP-Led Continuation Vehicles: 2026 Legal Guide | Acquisition Stars — Acquisition Stars
• Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
• Enhancing Diversified Secondaries with a Complementary Allocation to GP-led Single-Asset Funds - HarbourVest — Harbourvest

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].

BCI says single-asset continuation vehicles now make up 20% to 30% of its private-equity deal flow, up from 5% two years ago, as Westfield seeks secondary exposure and advisers expand GP-led real estate coverage.

In this episode

1. Westfield Retirement Board launches secondary market RFP — Headlines Briefing

   Westfield Retirement Board launches secondary market RFP

### Westfield Retirement Board launches secondary market RFP

PE International • June 1, 2026 at 4:34 AM ET

The Westfield Retirement Board has issued a formal request for proposals to acquire private‑equity secondaries. By launching the RFP, the board signals intent to redeploy capital from mature holdings into more liquid assets.…

Step Back — When a big investor sells an infrastructure stake on the secondary market, what actually determines whether it trades at a discount or premium to NAV — buyer return targets, debt costs, appraisals, transfer rights, or something else?Background sources

• What Factors Influence Pricing in the LP-led Secondaries Market? — Commonfund
• Pricing in LP Secondary Sales — Joran Partners — Written By Tanmay Annachhatre
• Infrastructure valuations | UBS United States of America — UBS United States of America
• Infrastructure valuations | UBS Switzerland — UBS Switzerland
• Infrastructure Secondaries Are Becoming Structural: Why Operational Execution Is Now the Deciding Factor - Alter Domus — Alterdomus
• Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors
• Infrastructure secondaries | Allianz Global Investors — Allianz Global Investors

BCI launches Capital Solutions Group to bankroll GPs through liquidity drought — Private Equity Insights

BCI launches Capital Solutions Group to bankroll GPs through liquidity drought

# Private Equity Insights

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# BCI launches Capital Solutions Group to bankroll GPs through liquidity drought

### British Columbia Investment Management set up a dedicated team within its private equity unit to provide financing to buyout firms grappling with a prolonged shortage of exits, according…

LPs Shift from Secondaries to Continuation Vehicles Amid ... — HeadlinesBriefing

LPs Shift from Secondaries to Continuation Vehicles Amid ...

### LPs Shift from Secondaries to Continuation Vehicles Amid Return Concerns

Secondaries Investor • June 4, 2026 at 12:35 PM ET

Limited partners are pivoting toward continuation vehicles while expressing skepticism about LP-led secondaries, marking a notable shift in private markets sentiment. Investors increasingly favor maintaining…

Houlihan Lokey Expands GP-Led Secondaries Capabilities into Real Estate With Senior Hire in Capital Solutions Group — Business Wire

Houlihan Lokey Expands GP-Led Secondaries Capabilities into Real Estate With Senior Hire in Capital Solutions Group

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# Houlihan Lokey Expands GP-Led Secondaries Capabilities into Real Estate With Senior Hire in Capital Solutions Group

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its…

Daily TopFive for Infrastructure Secondaries Daily. Links above go to the original articles. Follow and rate Infrastructure Secondaries Daily wherever you listen. Feedback? Email [email protected].