Handelsblatt | The Secondary Market is Better Than its Reputation

Originally published by Handelsblatt on June 26, 2025

According to Lincoln International’s data, the volume of GP-led secondary market transactions rose to a record $70 billion worldwide in 2024, more than doubling since 2020. Continuation funds, which return liquidity to existing investors and extend investment opportunities in attractive assets, are increasingly utilized for individual transactions as opposed to multi-asset continuation funds.

Simon von Witzleben, Managing Director and head of Transaction Opinions, Europe, recently spoke with Handelsblatt about the growing secondary market in Europe and its shifting reputation. “Infrastructure, credit and venture capital funds are also increasingly considering the possibility of continuation funds,” commented Simon.

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