The Rise of PE Secondaries

Written By Christina Diabo

ARTICLE SUMMARY

  • Secondaries become mainstream: Once reserved for distressed sellers, private equity secondaries have evolved into a core strategy, with 2025 transaction volumes projected to surpass $210 billion, up 51% year-over-year.

  • Investor demand surges: Both LPs and GPs are using secondaries to gain liquidity, rebalance portfolios, and access mature assets—driven by record levels of dry powder and expanding retail-friendly fund structures.

  • Ballast Rock’s perspective: CIO Christian Salomone highlights secondaries as a “critical release valve,” combining liquidity, diversification, and faster return timelines to make private markets more accessible for individual investors.

  • A reshaped market structure: Experts expect secondaries—especially GP-led continuation vehicles—to become a strategic pillar of private equity, mirroring public-market evolution with greater transparency, specialization, and accessibility.

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Christina Diabo
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