Global Secondaries Trends To Expect In 2024

With 2023 rapidly coming to a close, we wanted to share a few perspectives on the secondaries market this past year, along with some predictions for the year ahead. 

While overall deal volume hasn't gone up as dramatically as in recent years – at Ropes & Gray, we've fielded 380+ distinct secondary transactions representing over $150 billion of transaction volume this past year – there has been much more diversity in terms of deal mix, with a fairly even mix of GP-led and portfolio sales volume. 

At the same time, we've seen continued growth in preferred deals and other structured secondaries around the globe, but particularly in Europe. For GP-led deals, there's been a shift away from single asset deals back toward multi-asset (and even multi-fund deals).