As traditional exit routes remain constrained due to muted IPO markets, prolonged hold periods, and macroeconomic uncertainty, investors across the private equity ecosystem are turning to a growing set of liquidity solutions to meet short- and medium-term capital needs. Amidst this backdrop, demand for secondary deals has surged, with secondaries transaction volumes reaching a record $162bn in 2024. The PE secondaries market has become a key portfolio management tool for GPs and LPs alike, offering liquidity, steady risk-return profiles, and diverse transaction options. As fundraising cycles remain elongated and liquidity constraints persist, secondaries are no longer a niche play but a structural feature of private markets. Secondary activity has proven robust across cycles, and we expect steady momentum through H2 2025 and beyond.