The secondaries market for private fund interests has grown at great scale over the last few years, with dry powder and fundraising at record levels. The 2023 secondary market volume stood at an estimated U$115 billion and the average flagship secondaries fund grew 48% from its predecessor fund, both according to PJT Partners. The market has long since bifurcated into the classic LP-led transactions on the one hand, and the more innovative, yet well established, GP-led secondaries market.
