Lazard 2025二级市场报告

P R I V A T E C A P I T A L A D V I S O R Y Secondary Market Report 2025 Disclaimer Lazardhaspreparedthesematerialsbasedupon publicly availableinformation,anecdotalinformationandLazardEstimates(asdefinedonthispage).Portionsoftheinformationherein may be based upon certain forward-looking statements,estimates,projections and forecasts with respect to the anticipated futureperformanceof markets referred to herein,which may not be accurate.Thesematerialsshall neither be deemed an indication of the state of such markets’financialconditionsorprospects,norshalltheyconstituteanindicationthattherehasbeennochangeinsuchmarkets’financialconditionsorprospectssincethedateofthesematerialsorsincethedateasofwhichLazardpreparedthesematerials.NeitherLazardnoranyofitsaffiliatesoritsortheirrespectiveemployeesorotheragentsassumeresponsibilityfor,ormakeanyrepresentationorwarranty,expressorimplied,withrespectto,theaccuracy,adequacyorcompletenessoftheinformationcontainedinthesematerials.EachofLazard anditsaffiliatesanditsandtheirrespectiveemployeesandotheragentsexpresslydisclaimanyliabilitybasedonsuchinformation,errorsthereinoromissionstherefrom. natureanddonotincludealloftheinformationthatsponsors,investors,companiesorothersshouldevaluateinconsideringanypossibletransaction,nordothesematerialsconstituteorincludearecommendationto,ornotto,pursueorconcludeanypossible transaction.Nothing herein shall constitute a commitment orundertakingonthepartofLazardoranyrelatedpartytoprovideanyservice.Thesematerialsdonotconstitutetax,accounting,actuarial,legalorotherspecialistadvice,andLazardshallhavenodutiesorobligationstoyouinrespectofthesematerialsorotherwise. ThisdocumentincludesdataderivedfromdataprovidedunderlicensebyION.IONretainsandreservesallrightsinsuchdata. Asusedherein,“LazardEstimates”referstoaglobalsurveythatLazardlaunchedtotakeinventoryonthesecondarymarketin2025andaninternaldatabaseatLazardthattracks financial sponsor secondary transactions.The database aggregatesinformationgatheredfrompubliclyavailablesources,discussionswithsecondaryinvestorsandtransactionsLazardhasexecutedintheapplicablecalendaryear.Thedatabasedoesnotcaptureallfinancialsponsorsecondarytransactions,andcertainvaluesinthedatabaseareestimates. Theinformationsetforthhereinisbaseduponeconomic,monetary,marketandotherconditionsasineffecton,andtheinformationmadeavailabletousasof,thedatehereof,unlessexpresslyindicatedotherwiseherein.Thesematerialsaresummaryin Introductory Remarks–Holcombe Green III Aftera record-setting 2024,the secondary market continued its significant growth in 2025,generatinganestimated$233billionindealvolume Thesecondarymarketgrew53%in2025,generatinganestimated$233billionintransactedvolumeversus$152billionin2024.SponsorsandlimitedpartnersremainedmotivatedtocreateincrementalliquiditybeyondthecapacityofimprovedM&AandIPOmarkets.Newentrantstosecondaryinvesting,thecontinuedriseofsemi-liquidsecondaryinvestingvehiclesandsuccessfulfundraisingacrossthesecondarymarkethavecollectivelyincreaseddeployablecapitalintosecondarytransactionsandhelpedsustainstrongpricingintheoverallmarket.AlongsideexpectedgrowthinstrategicandtraditionalsponsorM&A,weexpectsponsorsandlimitedpartnerstoremainactiveinutilizingthesecondarymarkettoproduceliquidityin2026. ~$233BEstimatedAggregateSecondary Deal Volumein 2025 TheGP-ledmarketexpandedin2025,generating$116billioninvolume,whichsurpassedtotalsecondarymarketvolumein2023.SingleAssetContinuation Funds continued their surge in popularity,capitalized by several new secondary buyside entrants withspecializationsinconcentrateddealsanddistinctsectors.Multi-AssetContinuationFundsasapercentageofGP-ledvolumealsoincreasedmodestly.TheemergenceofthePrivateCreditsecondarymarketandcontinueddemandfromsecondaryinvestorsseekingportfoliodiversificationsupportedcontinuedpricingstrengthandincreasedtotaltransactionvalue.NorthAmericaremainedthelargestsecondarymarketgeographicexposure,althoughgrowthinAsiasuggestedrenewedactivityintheregionacrossselectcountries.TechnologycontinueditsdominanceamongsectorexposuresinSingleAsetContinuationFunddeals,reflectingthelargeamountofNAVheldinfundsraisedfrom2019toearly2022thatisreachingmaturity. ~50% Estimated GP-LedMarket Share in2025 ~53% EstimatedGP-ledVolume in Single AssetContinuation Funds in2025 ~67% TheLP-ledmarketreached$117billioninvolumein2025,assecondaryinvestorsinaggregateincreasedboththeirnumberofdealscompletedandaveragechecksizedeployed.Notably,severalofoursurveyrespondentsindividuallyinvestedover$5billioninLP-ledsecondarytransactionsalone.Limitedpartnersbenefitedfromimprovedpricingthrough2025assemi-liquidvehicles,purchasepricedeferralsandthedesirefordiversificationamongsecondarybuyersallledtosignificantcapitalavailabilitytomatchthedesireforliquidityfromglobalinstitutionalinvestors. Estimated Share of SingleAsset Deals That Pricedabove 95%1of NAVin2025 ~27% Percentage of SingleAsset Deals in theTechnology Sector in2025 ~16% Capitalformationinthesecondarymarketcontinuestoexpandatarapidpac