Are GP-led secondaries the answer to PE’s liquidity gap?

Learn about alternative paths to liquidity for private market investors in Carta’s free whitepaper.

The private secondary market is experiencing explosive growth—largely fuelled by the rise of GP-led secondaries, which accounted for 47% of all private secondary activity in H1 2025. These transactions offer LPs an alternative path to liquidity when traditional exits, like IPOs and M&As, are delayed or unavailable.

So, how are GP-led secondaries are helping to fill the liquidity gap in private equity?  

Our new whitepaper offers key insights into this rapidly expanding segment, covering:

  • The differences between GP-led and LP-led secondaries

  • The benefit of these transactions for GPs, and the reasons behind their rise in popularity

  • Considerations for investors when assessing or structuring GP-led transactions

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