Daily Management Review

Private equity investors sell record $110 billion worth of shares in 2025


01/13/2026


In 2025, global private equity investors sold over $110 billion in shares of these funds on the secondary market, according to a report by the Financial Times, which cited estimates from David Atterbury of HarbourVest Partners, a major buyer of such funds. This amount surpassed the previous record set in 2024, which was $89 billion. The total includes the sale of stakes in private equity and private credit funds, as well as infrastructure and venture capital funds.



pexels
pexels
Traditionally, private equity investors were required to hold their money for many years, but the expansion of the secondary market has allowed them to generate cash flow without having to sell assets directly from the funds' portfolios, the FT explains.

The newspaper highlights that private equity fund asset sales and listings have been difficult in recent times, and the broader private equity market has matured, with a total value of $22 trillion.

Richard Hope of Hamilton Lane estimates that, considering asset transfers from older funds to newer ones, the total size of the secondary market in 2025 is expected to surpass $200 billion.

Jefferies reports that more than half of the supply of private equity stakes in the first half of last year originated from private equity firms, as pension funds adjusted their investment portfolios.

source: ft.com