private equity

The venture capital ecosystem has undergone a structural shift. As venture-backed companies have opted to remain private for longer, distributions for fund limited partners (LPs) have become increasingly constrained. This liquidity bottleneck has prompted general partners (GPs) to explore alternative solutions – chief among them, GP-led secondary transactions.

Until recently, sponsors investing in real assets sectors were slower to adopt continuation vehicles to deliver liquidity for their limited partners. Things are different today: sponsors are increasingly tapping the secondary market not only to generate liquidity solutions for their energy, real estate, and infrastructure assets, but also to achieve their long-term strategic objectives.

After two years of muted dealmaking by private equity sponsors, we have seen a healthy pickup in M&A and IPO activity and expect more momentum through next year. 

Despite broader market volatility, transaction activity across both evergreen and secondary strategies has remained resilient.

A record number of investors entered the market for credit secondaries in 2024. Halfway through 2025, this trend continues to accelerate at a fast pace.

As reported by Jefferies, global secondary volume hit a record of $162 billion last year, a 45% increase over 2023. Here’s what’s fueling the trend.

Jefferies Insights sat down with Michael Dodds, Managing Director in Healthcare Investment Banking, to discuss private equity activity in healthcare this year—and where it could be headed next.