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Private equity hooked on second-hand deals

Source: ft.com

TL;DR

Elite private equity firms have shifted to the secondaries market, buying stakes in ageing funds to deploy capital faster.
Secondaries funds raised a record $166bn last year amid surging transaction volumes.[[1]](https://www.ft.com/content/6b3b61a9-7df0-4880-8a0b-9be22aa6931e?syn-25a6b1a6=1)[[2]](https://www.ft.com/private-equity)
This trend provides liquidity in a slow exit environment but risks higher prices and crowded trades.

The story at a glance

The article examines how top private equity groups like Blackstone, KKR and Carlyle have entered the secondaries market, where investors buy existing stakes in older private equity funds. This move helps them attract assets quickly as traditional buyouts slow due to high interest rates and weak exits. It is reported now as secondaries hit records for the second year running, with funds raising $166bn last year.[[1]](https://www.ft.com/content/6b3b61a9-7df0-4880-8a0b-9be22aa6931e?syn-25a6b1a6=1)[[2]](https://www.ft.com/private-equity)

Key points

Secondaries involve buying interests in mature private equity funds, often near exit, for quicker returns and diversification compared to new commitments.
Elite firms once avoided secondaries as a niche for specialists but now launch dedicated funds to compete for investor cash amid primary fundraising challenges.[[3]](https://www.linkedin.com/posts/roddyrmann_how-private-equity-became-hooked-on-second-hand-activity-7447625795088547840-6mjn)
Transaction volumes broke records two years straight, reaching over $226bn last year per Evercore data, driven by LP sales for liquidity.[[4]](https://www.bloomberg.com/news/articles/2026-01-16/private-secondaries-deals-hit-226-billion-amid-thirst-for-cash)
Funds targeting secondaries raised $166bn in the latest year, up sharply and on track for new highs, according to FT and Secondaries Investor.[[1]](https://www.ft.com/content/6b3b61a9-7df0-4880-8a0b-9be22aa6931e?syn-25a6b1a6=1)[[5]](https://www.secondariesinvestor.com/download-secondaries-fundraising-breaks-new-record)
Private equity holds nearly $4tn in unsold assets, fuelling supply for secondaries as exits lag.[[6]](https://www.ft.com/content/2d512944-43de-4902-a51c-084737e994bb?syn-25a6b1a6=1)

Details and context

Private equity firms face a backlog of investments after rates rose in 2022, slowing sales via IPOs or trade buyers. Secondaries offer a workaround: limited partners (LPs) like pensions sell stakes to new buyers for cash, while general partners (GPs) extend asset life through continuation vehicles.

This market has matured from distressed sales to a mainstream option, with GP-led deals now over a third of volume. New entrants, including evergreen funds for retail investors, add demand but push prices toward or above net asset value in hot segments.

Growth accelerated post-2020, with 2025 volumes up 41% to $226bn and fundraising nearly $166bn.[[4]](https://www.bloomberg.com/news/articles/2026-01-16/private-secondaries-deals-hit-226-billion-amid-thirst-for-cash)[[5]](https://www.secondariesinvestor.com/download-secondaries-fundraising-breaks-new-record)

Why it matters

Secondaries ease pressure on the $4tn private equity backlog, supporting distributions to investors starved of cash. For LPs and GPs, it means better portfolio management and faster capital recycling; for firms, a new revenue stream amid primary slowdowns. Watch if volumes sustain as exits improve, or if overcrowding erodes discounts—experts see continued growth but flag valuation risks.