Ardian says private equity secondaries hit $240 billion as liquidity demand outstrips buyer capital

• Ardian flagged private equity secondaries volume at about $240 billion last year, up about a third on 2024.
• Exits have slowed. Over 80% of buyout unrealized value has been held at least four years, pressuring liquidity demand.
• The market is structurally undercapitalized. Total dry powder was under half of 2025 deal flow, shifting leverage to scale buyers.
• Ardian cited $18 billion of secondary deployment across 26 transactions in 2025, supported by a 110-person secondaries team.
• Infrastructure secondaries brought about $28 billion to market in 2025, up 33% annually since 2021, with few large buyers.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ardian France SA published the original content used to generate this news brief on September 02, 2026, and is solely responsible for the information contained therein.