The secondary market showed resilience in 2023, with overall transaction volume increasing as M&A and IPO markets remained challenged. Insiders are bullish about prospects for the secondary market for 2024—hopeful that activity could approach 2021 levels.

That’s according to William Blair’s 2024 Secondary Market Report, which highlights insights from a survey of market insiders. It also looks ahead to trends and data that could be valuable in assessing the secondary market landscape.

Key takeaways:

  • 2023 market volume and the outlook for 2024
  • GP-led secondaries, including deal structures, sector and size focus, pricing, GP alignment, management rollover, target returns, fund terms, and key investment criteria for secondary investors
  • A snapshot of the LP-led secondaries market and outlook for 2024