Private funds’ secondary deal value outpacing last year

As portfolio exits slowed, hurting private fund distributions, secondary transactions gained favor. Private funds’ secondary volume was $68 billion for the first half of this year compared with $112 billion for all of 2023. At this pace, it would exceed 2021's $132 billion, which was the highest since at least 2018.

The first half’s secondary deal value grew 58% from a year ago to $68 billion. It was $43 billion last year.