After a bumpy few years following the 2021 boom, the global secondaries market looks on course to return to record-breaking levels through 2024, driven by demand from both GPs and limited partners. While the liquidity crunch that fueled activity over the past 24 months looks set to ease, participants at the fourth annual Buyouts secondaries roundtable saw no reason to expect a slowdown in a market that remains challenged by undercapitalization.

“We predicted 2024 would be a bumper year and we are holding firm on our prediction that global second aries volume will reach another high watermark,” says Yann Robard, manag ing partner at Dawson Partners. “As we move through the fourth quarter it looks like the market could end up at $150 to $175 billion, as the level of activity con tinues to be really robust on both the GP-led and LP portfolio deals.” It is a view shared by Boriana Karastoyanova, managing director and member of the secondaries team at Neuberger Berman. She says: “We subscribe to the view that 2024 will be another very strong year for secondary market activity, bigger than the 2021 prior peak and with a lot of positive tailwinds taking us into 2025 and beyond. We have observed that there are sustainable drivers for investors’ moti vations to seek and generate liquidity across their private portfolios, which is why we believe GP-led solutions are here to stay and why their volume could accelerate.” 

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