Global secondary investment in private capital is hitting record highs outside the US and Western Europe, according to data from the Global Private Capital Association (GPCA), a membership organisation of private capital investors.
The report by GPCA, with members managing assets across Asia, Latin America, Africa, Central & Eastern Europe and the Middle East, has shown how liquidity pressures, shifting limited partners (LP) strategies and fresh capital are transforming secondary deal flow in Asia, India, China, Southeast Asia, Latin America, Central and Eastern Europe and Africa.
General partner (GP)-led activity in growth markets is on track for a record year in 2025, with $1.3 billion raised across eight continuation vehicle (CV) transactions so far.
“Global secondary deals jumped 45% to USD162b in 2024, a record high. Liquidity pressures are driving GPs to raise continuation vehicles, while LPs take a more active role, as seen in NYC Pensions’ USD5b sale to Blackstone. Fresh fundraising is fueling more deals,” stated the report.
GPs optimistic on private market fundraising in 2025
Asia alone accounted for over 80% of CV fundraising since 2020. India, in particular, has seized the momentum in the past 18 months, shared the researchers, with prominent GPs launching CVs amid a broader wave of exit activity.
“International private markets solutions providers – including HarbourVest and StepStone – have built local teams in Asia and emerged as leading backers of CVs in the region, complemented by a maturing group of Asia regional secondaries specialists, such as TPG NewQuest,” stated the report.
Beyond Asia, secondary investors are finding compelling entry points in underpenetrated markets, where lower competition is creating favourable pricing and potential for strong returns.
In Africa, development finance institutions are are increasingly deploying LP-led secondary strategies to free up capital, refocus priorities, and attract more private investment.
