Private capital investors offloaded a record amount of stakes in ageing funds last year, as the buyout sector’s difficulties in exiting investments prompted institutional investors to look for another way to cash in.
David Atterbury of HarbourVest Partners, a leading buyer of such stakes, estimated that more than $110bn in so-called secondary deals — in which investors sell their stakes in funds — were struck globally in 2025, up about a quarter on 2024’s $89bn, which was also a record.
The boom in activity in what was once a niche market reflects the challenges facing the buyout industry, with a difficult market for selling or listing past investments, and the maturing of the wider $22tn private capital sector.
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