{"id":34290,"date":"2025-07-24T17:59:10","date_gmt":"2025-07-24T17:59:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/34290\/"},"modified":"2025-07-24T17:59:10","modified_gmt":"2025-07-24T17:59:10","slug":"the-markets-back-on-track-for-200bn","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/34290\/","title":{"rendered":"The market\u2019s back on track for $200bn"},"content":{"rendered":"

While many expected trade barriers to put the brakes on secondaries activities, the market defied those concerns and is now on track for another annual record.\u00a0<\/p>\n

Over the past week, two of the top secondaries advisers have reported a record-breaking first half in interim market updates, citing deal volumes exceeding $100 billion. Evercore<\/a> and Jefferies<\/a> reported $102 billion<\/a> and $103 billion<\/a> in H1 deal activity, respectively, according to reports the firms shared with Secondaries Investor. The first-half volume surpassed most full-year totals from the past decade, Evercore noted.\u00a0\u00a0\u00a0<\/p>\n

Secondaries activity has flown in the face of uncertainty, once again offering a liquidity option to cash-strapped private markets participants. While there was brief slowdown<\/a> in secondaries activity following President Donald Trump\u2019s tariff announcements in April, his move once again dampened private markets exit activity when many were hopeful green shoots were finally emerging.\u00a0\u00a0\u00a0<\/p>\n

The persistent slowdown of PE distributions drove secondaries volumes beyond Jefferies\u2019 expectations for first-half activity, Scott Beckelman, global co-head of secondary advisory at Jefferies, told Secondaries Investor. \u201cI don\u2019t think we could have forecast [the deal volume to be] north of $100 billion [for H1].\u201d\u00a0\u00a0<\/p>\n

April\u2019s events and its reverberations have prompted both GPs and LPs \u201cto take a proactive approach to bringing a lot of that liquidity forward to secondaries\u201d, Beckelman added.\u00a0<\/p>\n

With a strong first half on the books, a record-breaking $200 billion in annual deal volume no longer seems out of reach<\/a> \u2013 especially as the second half has historically been the busier period.\u00a0\u00a0<\/p>\n

However, there are also headwinds that will prevent the market from going through the roof in the remainder of the year.\u00a0\u00a0<\/p>\n

While Nigel Dawn, global head of Evercore\u2019s private capital advisory group, can see $100 billion to $120 billion of volume being done in the second half, \u201cthe\u202fsecondary\u202finvestors have done a lot already \u2013 they\u2019re very busy, they\u2019re slightly overwhelmed \u2013 so I don\u2019t see it being a big uptick from the first half of the year\u201d, he said.\u00a0\u00a0<\/p>\n

Record dealmaking activity has led to a decline in dry powder, which stood at $171 billion in the first half of 2025, down from $216 billion recorded at the end of 2024, according to Evercore\u2019s report. This suggests many buyers have already deployed significant capital. Evercore sees signs that buyers are slowing down their pace, stretching out their capital a little more, Dawn explained. Current difficult fundraising market conditions are also playing a part. \u201cEven though this is strategy de jour [in private markets]\u2026 people would rather be fundraising next year than this year. It\u2019s just been such a busy first half of the year.\u201d\u202f\u00a0<\/p>\n

A $200 billion-plus year for secondaries volume is in reach, which would once again see the market leap over the record it has only just broken. While another shock is detrimental to some in private markets, the secondaries market is working in overdrive to keep up with demand.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"While many expected trade barriers to put the brakes on secondaries activities, the market defied those concerns and…\n","protected":false},"author":2,"featured_media":34291,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28,3115,28424,28425,112],"class_list":{"0":"post-34290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-fundraising","10":"tag-gp-leds","11":"tag-lp-sales","12":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/34290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=34290"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/34290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/34291"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=34290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=34290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=34290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}