05 | Geographical dispersion of activity

North America still accounted for most of the volume, but European deals are growing at a rapid pace.

Geography of seller¹

  • North American transactions remained stable in H1 2024 compared to H1 2023, with its share of LP-led transactions staying consistent. North American GP-leds did lose 10 points year-over-year; however, this was driven by growth in other geographies as dollar volumes grew by c. $5bn year-over-year.
  • GP-leds from EMEA sellers saw the strongest increase of any category year-over-year, growing by 11 percentage points (c. $7bn) over H1 2023. Improved pricing helped clear out a backlog of transactions stretching back 1-2 years. EMEA LP-led transactions grew in dollar terms, but decreased by c. one percentage point, as European sellers remain conservative and await further price improvements.
  • LP-leds in Asia & Australasia increased by 2 points and c. $500m year-over-year as sellers increasingly looked to use secondaries to lock in returns, generate liquidity, and reallocate capital in the absence of sufficient net distributions and/or new allocations.

LP-led deals²

GP-led deals

  1. Split by H1 2024 weighted average transaction value for each type of transaction. No respondents indicated doing Latin American transactions in H1 2024
  2. LP-led geography represents the geography of the seller. GP-led geography represents the geography of the underlying GPs headquarters

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