Our view of technology in private markets

The secondary market hit $240bn in transaction volume in 2025. A 48% year-on-year increase. The largest year on record. Every GP in private markets has seen some version of that headline. Most have filed it under deal making trends. That is the wrong drawer. What the growth figures describe is a fundamental rewiring of how assets move, how ownership is structured, and how capital is recycled across vehicles. The operational consequences of that rewiring are arriving now, quietly, inside the systems that firms already rely on.