December 2025 Report:
Unpacking the Evolution of the Private Capital Secondaries Market

Could private capital secondaries transaction volume reach $1 trillion by 2030? We examine some of the most powerful tailwinds for secondaries markets across asset classes.

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What’s inside the report
  • Secondaries have delivered record volumes in recent years, and many seasoned investors see the market primed for even faster growth ahead.
  • From extending the runway for trophy companies to shedding non-core positions, secondaries serve a range of portfolio management purposes for LPs and GPs that have enduring appeal.
  • While secondaries have long been dominated by private equity, the maturation of infrastructure, private credit, and venture is set to drive more deal flow as investors use these tools to serve a host of portfolio management needs.
  • Fund durations are lengthening across private markets. Muted exits have played a role, but the broader shift away from public markets suggests the trend is here to stay —  a dynamic that will likely deepen secondaries penetration.

“Chronograph’s technology has allowed us to capture and structure more than seven million data points from our portfolio, and we feel the LP solution is unique in its ability to capture such a rich and complete data set.”

“Having worked with Chronograph and incumbent solutions at prior firms, I’ve seen firsthand how Chronograph drives value for stakeholders. It was critical for us to implement Chronograph as early as possible. The platform has been an integral part of our technology stack since day one and continues to support key data management processes within Knox Lane.”

“Chronograph’s flexible data collection and reporting technology has enabled us to harmonize KPIs and deepen insights across our portfolio. Our investment, value creation, and finance teams can all easily collaborate with consistent and trusted data.”

“As secondaries investors, we are investing in hundreds of funds and thousands of companies. This means our data scales up in a very rapid way. We’ve found that unlocking our data and prioritizing its value in our investment cycle has helped us become better investors.”

“Chronograph acts as a critical hub for our data collection, valuation, and reporting processes. We are constantly collaborating with the Chronograph team to discover new capabilities and expand our use case.”

“Previously, our reports were not stored in the database. Anytime we needed to trace the origin of a specific metric, we had to manually search for the report. The ability to click on any metric in Chronograph and instantly access its location in the corresponding source report has been really powerful.”

An Indispensable Industry Partner

Chronograph serves a majority of the largest GPs and LPs and features a well-diversified global client base of leading institutions

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