1、PRESENTED BY:P R I V AT E E Q U I T Y W I R ESecondaries in 2025:Insights for Private Equity Leaders2 TABLE OF CONTENTSSecondaries in 2025:Insights for Private Equity Leaders3 Key Findings4 Secondaries Capital Formation 13 Spotlight on Tokenisation 14 Operations in Focus20 Spotlight on Data 3 Second

2、aries in 2025:Insights for Private Equity LeadersKEY FINDINGSOf managers see a long way ahead for secondaries data management at their firm:43%of them describing it as a work in progress,while 25%say its in early stages and 13%describe it as disparate.81%DATAMANAGEMENT Of managers say the structural

3、 sophistication of the PE secondary market is lower than that of the primary market,although the European market appears to be far more sophisticated than that in the US.45%ROLE OF AIMARKET STRUCTUREOf managers say AI plays no role at all in their firms secondaries operation,while only 5%say this ro

4、le is integral.The biggest blockers are:poor data quality/availability(28%),lack of adoption(21%)and unavailability of relevant tools(20%)54%4 Secondaries in 2025:Insights for Private Equity LeadersExecutive SummarySecondaries are all over the headlines Jefferies has estimated secondary transactions

5、 for 2024 at$162bn,smashing the 2021 record of$132bn by 23%,while Ardians$30bn close in January was the worlds largest secondary fundraise to date.Trillions in unsold assets remain on the books of private markets firms,while a pressing need for liquidity persists in the investor world.These factors

6、alone should keep the market on a growth trajectory for the foreseeable future.In November,Private Equity Wire and SS&C conducted a piece of in-depth research on secondaries,firmly establishing that while the overwhelming majority of private markets participants expect volumes to increase,the market