Private Secondaries Deals Hit $226 Billion Amid Thirst for Cash

Secondary deal volume for private assets surged 41% to a record $226 billion last year, Evercore Inc. said in a report, as investors got more creative about tapping that market for liquidity.

The growth stems from innovation in deal structures and the sustained need for cash — and it has further expanded beyond buyouts, according to the report released Friday. Private credit secondaries hit record levels of fundraising and activity, and continued expansion in infrastructure and venture have diversified the market, according to Evercore.

Portfolio sales by investors in private asset firms, known as limited partners, increased about 35% ...