LP Secondaries Hit Record $225B Volume in 2025; Discount Rates Widen Slightly to 13.9%

Record-Breaking Market Volume The global secondary market surpassed $225 billion in total transaction volume for 2025, marking the first time the market has exceeded the $200 billion threshold. This represents a milestone for an asset class that posted roughly $132 billion in volume as recently as 2023. According to Campbell Lutyens' proprietary data from over 100 active market participants, volume concentration remains high: the top 15 buyers executed over 71% of all secondary transactions. LP-Led Pricing: Resilient with a Slight Widening Average LP-led discounts widened modestly to 13.9% of NAV in 2025, up from 13.3% in 2024. Campbell Lutyens attributes this softening not to a deterioration in fundamental asset quality, but to a broader mix of fund quality entering the market — including more secondary and mid-market PE portfolios alongside the premium buyout assets that have historically anchored LP-led pricing. High-quality buyout portfolios: continued to price close to NAV Infrastructure and direct lending: strong pricing, typically at low-single-digit discounts Broader market mix: dragged the average discount slightly wider GP-Led and Continuation Vehicle Trends 2025 saw record continuation vehicle (CV) volume across credit, infrastructure, and energy sectors. Single-asset CVs are expanding into smaller fund sizes (moving "down-market"), while multi-asset CVs are recapturing market share as GPs focus on portfolio-level liquidity solutions rather than asset-by-asset transactions. Seller Base Expanding EMEA- and APAC-based sellers participated in notable volume, reflecting a global broadening of the LP secondary market beyond its North American roots. This geographic diversification is expected to be a durable feature of the 2026 market as well. Why This Matters for Private Markets The $225 billion 2025 record confirms that secondaries have transitioned from a niche liquidity tool to a core component of institutional portfolio management. The slight widening in LP-led discounts is not a pricing crisis — it is a market maturation signal, as a more diverse set of sellers brings a more diverse range of assets to market. For buyers, this creates selective opportunities to acquire quality assets alongside more commoditized flow. For sellers, the message is clear: top-quality portfolios still clear at or near NAV, but the market is increasingly discerning about asset quality.