Despite ongoing macroeconomic and geopolitical volatility, the private equity secondary market remained resilient in the first half of 2025, with LP-led transactions driving robust activity amid a backlog of unrealized exits.

Strong pricing, increased participation from first-time buyers and sellers, and growing retail capital supported momentum, positioning the market for a potentially record-setting volume in 2025. GP-led deals have seen more cautious execution, with buyers favoring high-quality assets and clear exit paths, reflecting a selective and risk-aware transaction environment.

LGT Capital Partners remained an active player in the secondary private equity market in the first half of 2025, executing both buy and sell-side transactions.

On the buy-side, GP-led situations represented 68% and LP portfolios 32% of the total transaction value. Europe accounted for 52%, North America for 34% and Asia-Pacific for 14% of this transaction value. LGT Capital Partners’ largest transactions during the period include:

• Aegis II, two continuation vehicles in North American and Swiss mid-market buyout assets
• Moscova, LP stakes in Italian small-/mid-market buyout assets
• Wheat VI, a multi-asset GP-led continuation vehicle in Chinese growth assets

The firm also took advantage of the strong pricing environment for LP portfolios by selling select holdings, which demonstrates its consistent approach to proactive portfolio management even amid broader market uncertainty. LGT Capital Partners generated over USD 1 billion in proceeds from two sell-side projects:

• Sail, a full divestiture of 12 underlying fund interests and partial divestiture of four underlying fund interests
• Pinnacle, a partial sell-down of select primary holdings

Both transactions were executed at modest discounts and involved broad sales processes that attracted strong buyer interest. The portfolios were composed of high-quality interests, including selected lines where significant value creation had already occurred.