The secondaries market has grown 100x from $2 billion in annual volume to over $200 billion, yet remains a tiny fraction of the multi trillion dollar private markets ecosystem it serves.

What's New The secondary markets have officially outgrown their "cottage industry" origins, with annual transaction volume surpassing $200B in 2025, up from just $9B during the 2008 financial crisis and roughly $1B a quarter century ago. In a wide ranging conversation on the Alt Goes Mainstream podcast , Lexington Partners' Taylor Robinson explained why four consecutive years of distribution slowdowns have transformed secondaries from a niche liquidity mechanism into essentia

Private markets found their liquidity release valve in 2025. With distributions frozen at post-crisis lows and $2.9 trillion in unsold assets choking the system, the secondary market exploded to over $200 billion in annual volume—transforming from a niche corner of private equity into essential infrastructure for the entire industry.

Credit secondaries surge 70%+ annually as continuation vehicles become mainstream solution for GP-led liquidity needs.

Private credit secondaries are experiencing explosive growth as the broader $1.7 trillion private credit market creates unprecedented liquidity demands, with deal flow surging from $5-7 billion five years ago to $36 billion in 2024. Rick Jain, Partner and Global Head of Private Credit at Pantheon, warns that while opportunities abound, the market faces potential disruption from mounting macroeconomic uncertainty and overconfidence in current pricing.