Secondaries deal volume reached unprecedented heights in
2021 as fund investors rebalanced their portfolios and fund
managers tapped GP-led transactions, including single-asset deals,
as an alternative exit route. Deal activity remains robust in 2022,
even as the market keeps a close eye on regulatory and geopolitical
developments.
The private equity (PE) secondaries market delivered a blowout
year in 2021. Activity across all deal types soared, and a number
of large asset managers expanded their secondaries capabilities.
That momentum looks set to continue for the rest of 2022.
According to figures from investment bank Jefferies, secondaries
deal value for 2021 totaled a record US$132 billion, 120% up from
2020's full-year total. This saw the market surpass the
previous all-time high of US$88 billion worth of deals posted in
2019.1
