Lexington Partners, Strategic Partners and Goldman Sachs Asset Management played a pivotal role in driving fundraising in the secondaries space last year.
More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.
Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.
LP-led deals drove the bulk of volume last year and accounted for 55% of total trading, according to data from the investment bank shared exclusively with Secondaries Investor.
It's a bright picture for investor interest in the strategy, affiliate title Private Equity International's LP Perspectives 2024 study has found.
Traditional LPs contemplating GP-led focused funds have been intent on identifying examples of fully crystallised continuation funds in recent years.
There have already been some notable improvements in LP-led pricing in Q3 this year, according to a buyer survey from the advisory firm, shared with Secondaries Investor.
Our ranking of the biggest secondaries fundraisers reveals a market reaching an inflection point.
The total amount raised between January and June eclipses all of 2019 when just $36.9bn was collected in final closes.
More LPs in Asia-Pacific are willing to cash out in a sponsor-initiated process to accelerate distributions than their North America and European counterparts.