Predictions that last year’s strong second half for secondaries portended good things have proved accurate so far in 2024, with new buyers emerging, bid-ask spreads shrinking, and deal activity improving.

Even if a full recovery is still on the come, optimism is strong as we approach the year’s midpoint. William Blair’s Private Capital Advisory team outlines the improving state of the secondary market in its latest report, including the following takeaways:

  • Movement on LP-led deals, even if opportunistic sellers are holding back
  • Macro pressures continue, with secondaries proving comparatively resilient
  • Single-asset continuation funds demonstrating staying power for GP-leds