02 │ H1 2024 market activity analysis

Transaction breakdowns¹

  • Limited M&A and capital markets activity drove both GPs and LPs to the secondary market as an alternative avenue for liquidity. LP-led transaction volume grew by $14bn, GP-led by $13bn, and preferred equity by $3bn, compared to the first half of 2023.
  • The GP-led market experienced 86% year-over-year growth, reflecting the continued adoption of GP-led transactions as a tool to provide liquidity, actively manage portfolios, and double down on winners. GP-led transactions represent an increased share of the exit markets for sponsors.

Transaction type by volume

  1. Split by transaction value (purchase price plus unfunded) per respondent

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