Private Equity Secondaries Market Soars to $200B Amid Liquidity Crunch

Coller Capital sold to EQT for £2.7 billion, valuing the secondary private equity pioneer at $200 billion. Founder Jeremy Coller, now a billionaire, built the market by buying and selling used private equity stakes. Private equity firms face a liquidity squeeze as deal volumes plummet 60% since late 2022 and firms hold 29,000 companies worth $3.6 trillion unsold. Secondaries, including continuation funds and private credit deals, have surged 40% to $220 billion in 2025, offering a rare exit route. Critics warn of inflated valuations and accounting gimmicks that mislead pension investors.