LP-Led Secondaries Pricing Held Steady in 2025 Despite Liberation Day Market Shock, Campbell Lutyens Reports

LP-Led Pricing Proves Resilient Through 2025 Volatility Campbell Lutyens, one of the leading advisors in the secondary market, has released its 2025 Secondaries Market Flash Report revealing that average LP-led pricing remained stable throughout the year — even amid the market disruption triggered by Liberation Day tariff announcements. The finding challenges expectations that macro volatility would create meaningful pricing dislocations in the secondary market. Key Findings from the Report Average LP-led pricing held constant in 2025 year-over-year Liberation Day tariff shock did not produce sustained secondary discount widening Strong buyer demand from large dedicated secondaries funds absorbed LP sell pressure Private equity NAVs have gradually converged toward public market multiples, reducing valuation uncertainty Bid-ask spreads remained relatively tight for high-quality buyout fund portfolios Market Dynamics Behind the Stability The pricing resilience reflects several structural factors: the growth of large, well-capitalized secondaries platforms (Blackstone, Ares, Hamilton Lane, Lexington) has created a more liquid and stable market. Additionally, LP sellers in 2025 tended to be more selective, transacting only when pricing met return hurdles — rather than in distressed conditions requiring rapid liquidation. Average LP-led pricing held constant in 2025 despite Liberation Day dislocation — Campbell Lutyens 2025 Secondary Market Flash Report Why This Matters for Private Markets Stable pricing through a period of significant macro uncertainty is a sign of secondary market maturity. It suggests that the asset class has developed sufficient depth that episodic volatility no longer triggers the sharp discount widening seen in 2009 or 2020. For LPs considering portfolio rebalancing through secondary sales, the message is constructive: execution risk has meaningfully declined. For buyers, however, stable pricing means the era of double-digit discounts on quality assets may be permanently behind us — underwriting returns now require more precision and selectivity than ever before.