Our 2025 survey captures the views of investors across the Americas, Europe, the Middle East and Asia, together stewarding around USD 300 billion in private alternatives allocations. It provides a rare global snapshot of how investors are navigating today’s private capital landscape.

One clear message stands out. Secondaries are no longer just a liquidity tool used opportunistically; they are a structural component of private capital portfolios. The runway for growth remains long, but secondaries are already embedded as a core lever for portfolio construction and the pursuit of resilient risk-adjusted investment returns. 

At the same time, the secondary market has witnessed considerable expansion, with managers increasingly specializing in meeting the burgeoning demand, particularly within the mid-market segment. New trends are emerging, such as the rise of new structures, like evergreen, and new sub-asset classes, like credit secondaries, which continue to diversify the opportunities available within this dynamic and evolving sector as they further unfold over the years to come​.