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ARTICLE · 16 JUNE 2025

Private Equity Secondaries: Adapting To Illiquidity And Risk

Bennett Jones LLP
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Global private secondary market transaction volume hit an all-time high of US$160 billion in financial year (FY)-2024, which is up 41 percent from 2023 and has surpassed projections.

CanadaCorporate/Commercial Law
Mia Bacic
Mia Bacic
Tamara Mitterer
Tamara Mitterer
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Global private secondary market transaction volume hit an all-time high of US$160 billion in financial year (FY)-2024, which is up 41 percent from 2023 and has surpassed projections.1 Private market secondaries have been gaining momentum due to the rapid innovation of products and structures. Secondaries are also adapting to market forces and the rise in global uncertainty.

In this look at how private equity (PE) secondaries are entering a dynamic phase of growth and innovation, we examine:

  • What trends are driving deals and why they matter
  • Legal considerations in secondary transactions
  • The market outlook in 2025 and key takeaways

What's Driving Deals in 2024-2025

Challenging macroeconomic conditions have led to delayed exits, more expensive debt and a growing demand for general liquidity from both general partners (GPs) and limited partners (LPs). At the same time, the stockpile of aging dry powder in private markets has grown, indicating that there

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