Annual GP-led VC secondaries have reached around $14.6 billion and are projected to grow by $1.5 billion in the next two years, according to a new PitchBook analyst note. Direct secondaries, meanwhile, are hovering around $60 billion in annual transactions, up from $50 billion last year.

“The biggest takeaway is that the GP-led secondaries market has grown in recent years because of the exits stalemate—but because the market has inherent limitations, both on the buyer side and the seller side, its growth is limited to a small universe of potential venture firms that can spin out continuation funds and strip sales,” said Emily Zheng, a senior VC research analyst at PitchBook. READ MORE