中文_William_Blair_2025年二级市场报告_10页_1mb

2025 William Blair Secondary Market Report Summary

2024 Was a Record Year for Secondary Market Transactions

The secondary market experienced unprecedented growth in 2024, with global volume reaching $155 billion, up 40% from 2023. This was driven by strong capital formation, increased investor dry powder, and new market participants, leading to expectations of $175 billion in 2025 and potentially reaching $300 billion by 2030. The market's momentum is attributed to large investors seeking deployment of recently raised funds and emerging secondary investment firms, enhancing liquidity and transaction opportunities.

Gp-Led Transactions Continued to Dominate

GP-led deals set a record volume in 2024, accounting for a significant share of the market. Single-asset continuation funds (SACFs) were the most common structure, comprising 45% of GP-led volume, while multi-asset continuation funds (MACFs) showed a 60% year-over-year increase. Average deal sizes grew due to deeper capital pools, and GP alignment remained a priority, with favorable economic terms benefiting firms. This type of deal outperformed sponsor-related M&A volumes.

Lp-Led Transactions Also Set Records

LP-led secondary transactions totaled $80 billion in 2024, effectively halving the market but still recording a strong performance. Sellers enjoyed the best pricing environment since 2022, enabled by scaled LP portfolio purchases and fund diversification. LPs used these transactions to build foundations for new closed-end funds, and market activity remained robust despite brief slowdowns in early 2025.

Market Drivers: Capital Formation and Investor Demand

Key factors behind the boom include increased investor capacity, with dry powder rising by over 50%, and favorable tailwinds from sectors like AI and digital transformation. Demand converged with supply, as new entrants and evolving transaction structures (e.g., annex funds and NAV loans) respond to investor preferences for growth, stability, and exit paths. Retail capital inflows, such as through U.S. 401(k) programs, pose long-term growth potential.

Sector Preferences Shifted in 2024

Secondary investors leaned towards professional services, IT/software/hardware, and healthcare sectors, reducing interest in consumer products and retail. Overall market sentiment softened slightly in early 2025 due to rising interest rates, but strong performance in tech and healthcare sustained investor interest.

Pricing and Performance Improvements

Both SACFs and MACFs saw better deal pricing in 2024, with 91% and 69% of deals respectively priced at or above par. Target returns remained consistent, and continuation funds demonstrated strong DPI acceleration and liquidity benefits. Market insiders predict continued growth through wider adoption of fund structures and retailer involvement.

Future Outlook: Bullish Through 2030

The secondary market is viewed as in its early stages, with survey respondents stating it is still immature for current volume levels. Demand is expected to rise due to recurring fund issuance by GPs, larger successor funds, and increased participation from retail and institutional investors, particularly in democratized alternative markets. This growth will likely deepen liquidity and expand transaction opportunities.