Header background Progress

H1 2021 Secondary Market Overview

Category: Secondary Market Research Year: 2021
1 September 2021
Our H1 2021 Secondary Market Overview provides insights on the market trends shaping the asset class in the first half of this year.

In short: we are off to the races!

If 2020 was a year of adaptation to the economic upheaval and health crisis caused by COVID-19, then the first half of 2021 showed all the signs of a strong rebound. The pace of transactions is up, and buyers’ sentiment is unequivocally positive.

In addition to a strong economic recovery and robust equity markets, the secondary market is also a direct beneficiary of the growing primary private equity market.

That all said, there are a few red flags on the horizon including fear of another COVID-19 wave driven by the delta variant as well as the risk of a more volatile macroeconomic environment with rising inflation and interest rates.

Key findings for H1 2021 include:

Market volume

2021 is on track to exceed 2019’s record volume of $85 billion as mid-year transactions reached approximately $50 billion.


Pricing for LP fund interests is considerably higher with approximately two-thirds of positions sold in H1 2021 trading at a 10% discount or better.

GP-led transactions

GP-led transactions have achieved a higher volume in the first half of 2021 (approximately $28 billion) than in any full-year before this.

Market sentiment

Buyers focused on more recent vintages of funds where marks were not fully valued and unfunded commitments had the prospect of being deployed in a cheaper investment environment.

More information and request a copy of the report