Cebile Capital has released its H1 2022 Secondaries Outlook Report, which summarises key trends witnessed in 2021 and early 2022, as well as the outlook for the rest of the year. Active secondaries investors globally were surveyed to gain insight into their investment activity.

The report finds that a record $130 billion in secondary deals were completed in 2021, exceeding previous expectations of $100-$105 million from the prior secondaries market survey. Market expectations for 2022 are for similar transaction volumes, with estimates ranging from $110-$150 billion. Similarly, the overall trend of an increasing proportion of GP-led deals has continued, though 2021’s proportion of 50% was somewhat less than that of 2020 (60%).

The secondaries market continues to exhibit a boom period, showing record rates of buyer activity and deal flow. This activity has been coupled with fundraising reaching above pre-pandemic levels; with almost $40 billion raised in 2021 across 45 funds. However, these levels remain below the record-breaking 2020 volume with approximately $80 billion raised across 37 funds in that year.

Read more: Private Equity Wire