The secondaries market saw another record year for deal volume, with advisory reports pinning the overall figures somewhere between $152 billion and $165 billion.

In this episode, Secondaries Investor editor Madeleine Farman, senior reporter Hannah Zhang and reporter Silas Sloan dig into advisory reports. They walk through key themes that emerged, including the rising impact of evergreen capital and its effects on deal activity to date, the increasing scale of GP-led deals, the increasing scale of the buyer universe, right through to predictions on LP-led and GP-led activity for the year ahead.

Read more at Secondaries Investor:

• Single-asset deals skyrocketed in 2024 – Campbell Lutyens
• Secondaries volume hits record high of $160bn – Evercore
• LP-led pricing for credit secondaries reaches all-time high – Jefferies
• Majority of GPs plan to use secondaries market over coming two-year period – PJT

• Share of commitments for GP-led deals to grow in 2025 – Lazard

Australian superannuation fund Aware Super is heading towards its private markets allocation targets after a period of build-up and growth.

The fund, which manages around $110 billion on behalf of nurses and teachers, launched its first office outside of Australia in 2023, putting boots on the ground in London.

Damien Webb, the superfund’s deputy chief investment officer and head of international, sat down with PEI senior editor Adam Le. In a wide-ranging interview, the pair discuss how GP-leds are complementary with the skills Aware Super has built out around co-investment, Webb’s views on LP-led secondaries as its alternatives portfolio becomes more mature, and his views on pricing and discounts in the market.

Le and Webb also discuss Aware Super’s views for further international expansion and whether the team has been making any private markets asset allocation shifts over time where opportunities arise.

The secondaries market is bullish that 2025 will be another record year for secondaries market activity. Regionally, North America is set to continue its dominance in dealmaking, Europe is expected to throw up interesting opportunities that offer portfolio diversification, and increasing manager sophistication could lead to more GP-led opportunities in APAC.

In this episode, Secondaries Investor's Adam Le, Madeleine Farman and Silas Sloan discuss the secondaries market's volume expectations for the year ahead and delve into key topics making rounds in the market, from US president-elect Donald Trump, to the impact of evergreen funds on the market and APAC's hottest markets in the wake of uncertainty surrounding China. Read more:

• Trump looms large for North American secondaries in 2025

• Why APAC secondaries will remain buoyed in 2025