Bullish predictions for the secondary market throughout 2024 proved accurate as volume hit record levels by year-end. Now, in 2025’s early weeks, market insiders remain optimistic—with expectations for continued LP- and GP-led growth.

In its latest report, William Blair’s Private Capital Advisory team outlines the factors behind 2024’s record results and 2025’s increasing optimism.

Key takeaways include:

  • Dry powder levels keep growing as new buyers emerge and existing players continue to scale
  • Increased competition spurs further improvement in pricing
  • Steadily improving M&A activity has only fanned the flames of the secondary market