2025年二级市场报告-中文

In This Report 2024 Was a Record Year for Secondaries Momentum Expected to Continue,According to Market Insiders Highlights and Analysis From WilliamBlair’s Private Capital Advisory Team 2025 Secondary Market Report William Blair Private Capital Advisory2025 Secondary Market Report The secondary market setrecords for both GP- andLP-leds in 2024, propellingexpectations higher for2025 and beyond. Broader Market Improves;Secondaries Improve More and again exceeded $200 billion lastyear.3This trend has been supported byrecent record fundraises across many ofthe largest secondary funds, includingArdian ($30 billion), Blackstone ($25billion), Lexington Partners ($26billion), HarbourVest Partners ($15billion), and others, as well as capitalflows into ’40 Act funds managed byfirms such as Hamilton Lane, Carlyle,Apollo, Ares, Pantheon, and StepStoneGroup, among others. Furthermore, anexpanding cohort of market entrants istaking shape, which includes a varietyof private equity firms, asset managers,and other recently formed independentsecondary investment firms with directinvestment experience. The impact of capital formation onmarket activity has been significant.Investor capacity to make largercommitments to transactions as leadinvestors has grown significantly;simultaneously, the syndication markethas also deepened, as check sizeshave increased and new participantshave emerged. These trends havesupported efficient execution of largertransactions. Additionally, a new breedof investors employing narrowermandates focused on specific sectorsor secondary transaction profiles hasdeveloped, enabling transaction activitytargeting companies and situationsthat otherwise may not have come tomarket. 2024 was an exceptional year forthe secondary market, with volumesgrowing approximately 40% comparedto 2023, notching an all-time high of$155 billion. That growth outpacedsponsor-related M&A volumes, whichimproved nearly 25% year-over-year,as well as global IPO activity, which fell4% year-over-year.2 Market insiders who responded toWilliam Blair’s 2025 Secondary MarketSurvey are bullish about the comingyear and predict $175 billion in totalactivity—13% higher than 2024’srecord total—led by a $12 billionjump in GP-leds. As we’ll discuss,large investors are actively seeking todeploy recently raised capital, and newinvestors are emerging to meet thecontinued supply of transactions. Demand, Supply Converge forRecord Totals A key driver behind the secondariesboom is increased demand. Secondaryinvestor dry powder increased bymore than 50% in the past five years Meanwhile, the supply of transactions remains strong, as LPs continue to seekliquidity from their private market portfolios, and GPs recognize the benefitssecondary transactions offer for their funds, LPs, and portfolio companies. Thefollowing report details trends from 2024 and looks ahead to 2025 with a focus onthe GP-led market. We conclude with an analysis of respondents’ bullish outlook—including predictions of $300 billion in secondary volume by 2030. Large investors areactively seeking to deployrecently raised capital,and new investors areemerging to meet thecontinued supply oftransactions. Highlights and Analysis From William Blair’s2025 Secondary Market Survey What’s Behind the GP-Led Surge? The GP-led market had a record 2024in terms of volume and number oflaunched deals, supported by growingappetite from GPs and available capital.Volume grew for every transactioncategory under the GP-led umbrella,with single-asset continuation funds(“SACF”) again emerging as the mostpopular structure, representing 45% ofGP-led volume. SACF volumes were 13%higher than respondents to our previoussurvey expected and increased 54%year-over-year with a total of 73 in 2024. An uptick in large multi-assetcontinuation funds (“MACF”) was akey driver of 2024 volumes. WhileMACF volume was 28% higher thanrespondents to our previous surveyexpected and up 60% year-over-year, thenumber of MACF transactions brought tomarket declined to 33 in 2024, indicatingan increase in average MACF deal size. Other GP-led transaction structuressuch as annex funds, NAV loans, and stripsales grew in volume as GPs continue toseek innovative strategies to generateliquidity and provide growth capital fortheir portfolios. The Evolving Use of Continuation Funds Continuation funds are increasingly becoming a favorable construct for GPs and their LPs, as these transactions enable DPIacceleration, create shareholder liquidity, raise follow-on capital for M&A and growth, and deepen LP relationships. Throughfavorable pricing and effective communication of transaction rationale to LPs, many GPs have generated successful outcomes andhave recurring users of the continuation fund toolkit—our survey found that repeat sponsors represented 42% of 2024 volume. Continued Strength in the Middle Market Most of the capital invested in GP-led transactions in 2024 went toward the middle market and the lower middle ma