Reports and studies — Financial Advisory, Financial Sponsors, Secondary Market

Financial Sponsor Secondary Market Year-End Review – 2021

January 31, 2022

Person holding the phone with the market screens around and behind them

Share

Record-Breaking Deal Volume, With GP-led Deals Doubling on Previous High

With the COVID crisis stabilizing in 2021, secondary market activity soared, with volume estimated to have doubled on estimated 2020 figures and GP-led transactions accounting for 50% of the market. LP-led activity started to recover in the second half of 2021.

Capital Deployment by Sponsor-led Transaction Type

Continuation fund transactions remained the most common transaction structure in 2021, specifically single-asset continuation funds which accounted for over 50% of the overall GP market volume for the first time.

Deployment Trends

2021 saw record dry powder deployed amongst the secondary investor community. More than 10 market participants deployed over $2.5B in GP-led transactions alone, either as a lead or syndicate investor.

Secondary Market Transaction Volumes Anticipated to Surpass $200B by 2025

Secondary market participants anticipate transaction volume to continue its growth trajectory in 2022. A majority of market participants also believe that secondary market volume could surpass $200B in 2025.

Download the review to read the findings in full.

Latest Insights

January 24, 2025 Reports and studies

Top Geopolitical Trends in 2025

January 23, 2025 Reports and studies

Lazard 2024 Secondary Market Report

View all