GP-led secondaries have moved from a niche liquidity solution to a core portfolio management tool across private markets.
Liquidity is both a constraint and an opportunity in private capital. After rapid expansion and longer private-company lifecycles, many investors hold mature portfolios that haven’t returned capital as expected. Meanwhile, GPs still see value in assets but face tougher exits. Secondaries — once mainly LP resale at discounts — now include GP-led deals that create liquidity, extend ownership of high-conviction assets, and help actively manage portfolios via continuation vehicles.
Drawing on Mercer’s analysis of 148 private equity and real assets secondary transactions between 2021 and 2025 — including 117 GP-led continuation vehicle transactions[1] — this report examines how pricing, terms and alignment are evolving as the market matures.