Evercore Data Shows LP-Led Secondaries Reached Record Scale

Record Volumes in 2025 Chief Investment Officer reported that Evercore’s Private Capital Advisory data showed total secondaries volume reached $226 billion in 2025, up 41% year over year. LP-led volume rose to $120 billion, while GP-led volume climbed to $106 billion. The figures far exceeded Evercore’s original forecasts and reinforce the idea that the liquidity backlog in private markets is being addressed increasingly through secondaries rather than waiting for traditional exits. What Changed in LP-Led Markets LPs are using secondaries for portfolio optimization, not just emergency liquidity. Pricing improved, with CAIS data showing buyout stakes around 94% of NAV in 1H 2025 versus below 90% in 2022. Private credit, venture, infrastructure, and other niche strategies are contributing a larger share of activity. The report said LPs were increasingly embracing secondaries as a tool for managing liquidity rather than offloading weak positions out of desperation. Discount Compression Matters Narrower discounts are a key signal. They indicate stronger buyer competition, better confidence in NAV quality, and a more normalized relationship between sellers’ liquidity needs and buyers’ return targets. That matters particularly for institutional sellers, because higher execution prices can make portfolio reshaping more acceptable at the investment-committee level. Why This Matters for Private Markets Record LP-led volume shows that secondary sales are becoming part of mainstream portfolio management. As private assets stay private longer, institutions need a practical way to rebalance exposures, manage denominator effects, and recycle capital. The stronger pricing backdrop also supports the broader private-markets ecosystem. If LPs can sell with less punitive discounts, they are more likely to treat secondaries as an active portfolio tool rather than a last resort, which in turn deepens market liquidity for everyone.