Improving LP-led pricing, continuing adoption by both GPs and LPs, and a growing supply of capital has the secondary market poised for a full rebound—and possibly record volumes—by year-end.

Indeed, bullish early-year predictions for both LP- and GP-led activity appear to be playing out, with especially high GP-led deal activity paced by strong interest in multi-asset continuation funds. William Blair’s Private Capital Advisory team outlines the state of the secondary market in its latest report, including the following topics:

  • What drove LP-leds' first half and how improved pricing is motivating sellers
  • GP-led interest grows as continuation funds generate returns akin to buyout funds
  • Reasons to expect a strong outlook going into 2025