Brun Lubert acquires private equity secondaries in global real estate and private equity markets. We support real estate promoters and investors, general partners and limited partners (PE), offering customized liquidity solutions.
Private equity secondaries are pre-existing interests or assets from primary private equity funds and investors. Benefits from secondaries investments include the shorter duration, faster return of capital, access to discounts, and transparency in the underlying asset portfolio. Due to the complexity of transactions, pricing includes an investor premium. Most transactions (single and multiple asset-based) require extensive due diligence, including feasibility reports, valuations, and earnings analysis.
The global private equity secondaries market reached between USD 200bn and USD 220bn in 2025. The surge was driven by constrained liquidity for private-market investors (LPs) and an increase in GP-led continuation vehicles, while transactions contributed to growth amid slower traditional exits and volatile economic conditions. GP pricing stood at 90 per cent of NAV, up from 89 per cent in 2024. The influx of capital in the secondary debt market and a decrease in the age of funds sold showed buyers favoring recently underwritten, higher-quality assets.
It is anticipated that 2024 will show more secondary deal flow, and the entrance of more players to the market (in 2023, about 70 per cent of the year’s secondaries capital was raised by 4 mega-funds, which all closed above the USD 5bn market). Demand for liquidity is increasing as private equity exits are hitting record lows. Financial markets remain challenging, and pressure on promoters and GPs will continue while LPs seek ways to sell stakes before the end of a fund’s lifecycle. Another factor driving the market is the active fundraising for secondaries funds, which fundraising reached USD 681bn for 39 funds for the first 9 months of 2023. The US remains the largest market for GP-led transactions, with 64 per cent vs. 32 per cent for Europe, and 4 per cent for the rest of the world, including Asia. The latter continues to have a smaller presence in the secondaries market, in part due to the macroeconomic and political uncertainty in China.
