The Rise of Secondaries: Unlocking Liquidity in Private Markets

48 snips

Oct 14, 2025

Guest

Harold Hope

Guest

Alex Blostein

Join Alex Blostein, a research analyst at Goldman Sachs, and Harold Hope, the global head of Vintage Strategies, as they explore the booming private equity secondaries market. They unpack its rise from niche to necessity, fueled by increasing liquidity needs and retail participation. Discover how investors leverage secondaries for diversification and the intricacies of micro valuation techniques. With predictions pointing to accelerated growth driven by fresh capital and asset diversity, this conversation reveals what the future holds for private markets.

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INSIGHT

Secondaries Solve Private Equity Illiquidity

Secondaries provide liquidity for private equity investors who need to exit before fund termination.
They buy LP interests or fund assets and hold them to maturity, solving illiquidity issues.

INSIGHT

Rapid Growth And Big Current Volumes

The secondary market has grown to about $650 billion in assets with ~15% CAGR over the last decade.
Volumes are accelerating to roughly $200 billion this year, driven by both LP- and GP-led deals.

INSIGHT

Retail Entry Widens Liquidity

Retail participation in secondaries is emerging rapidly from a small base, roughly $40 billion NAV today.
Increased retail supply and demand improves market liquidity and enables more transactions.

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Once a niche segment, the private equity secondaries market has seen substantial growth and is reshaping the broader alternative asset landscape. In this episode, Goldman Sachs’ Harold Hope and Alex Blostein discuss the evolution of the private equity secondaries market.

This episode was recorded on September 29, 2025.

The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

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