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By Boutaina AMMACH, Aurélien LESBROUSSART Laurent CAPOLAGHI, EY Luxembourg*
Another record was set in 2025, with global secondary transaction volume reaching approximately USD 226 billion - crossing the 200 billion threshold for the first time - and surpassing the previous 2024 record of USD 160 billion by 41% (Evercore Private Capital Advisory, 2025 Secondary Market Report - February 2026).
This expansion reflects more than market growth. As holding periods lengthen and exit markets remain uneven, secondaries have moved from a contingency solution to a core portfolio management tool. For investors and fund managers, understanding how the market has matured and what it now demands in terms of governance and process discipline is no...
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