Secondaries Funds the Largest on Average Among Those Closed Last Year

Why It Matters

The rise in average size signals robust LP demand for secondary solutions, potentially reshaping capital allocation and pricing dynamics in private markets. It also highlights the growing importance of secondaries as a core component of diversified investment strategies.

Key Takeaways

• 2025 secondaries funds average size topped all categories.
• Ardian's $30bn raise was dataset outlier.
• Excluding Ardian, average still highest among fund types.
• Larger averages indicate strong LP appetite for secondaries.
• Trend may enhance liquidity and pricing in private markets.

Pulse Analysis

The secondary‑market boom has accelerated as investors chase liquidity and risk‑adjusted returns beyond primary buy‑outs. In 2025, fund‑raising data reveal that secondary vehicles not only attracted more capital but also grew larger on average than traditional private‑equity funds. This trend reflects a maturing ecosystem where limited partners allocate sizable commitments to seasoned managers capable of sourcing discounted stakes, thereby compressing spreads and improving portfolio diversification.

Ardian’s $30 billion raise stands out as an outlier, yet even without it, the average size of closed secondary funds remained the highest among all categories. Such robustness suggests that the market’s expansion is not driven solely by a few mega‑funds but by a broad base of managers scaling their vehicles. For general partners, larger pools enable more aggressive sourcing strategies and the ability to execute multi‑asset deals, while limited partners benefit from economies of scale and reduced transaction costs.

Looking ahead, the sustained growth in secondary fund size could reshape valuation dynamics across private markets. As capital concentrates in larger secondary funds, pricing pressure may intensify, prompting primary sponsors to consider secondary liquidity options earlier in a fund’s life cycle. Moreover, the trend may attract new entrants, including sovereign wealth funds and pension plans, further deepening the liquidity infrastructure and solidifying secondaries as a cornerstone of modern private‑equity allocation.