Global secondaries deal volume was estimated to be $52 billion in 2014 including the sale of limited partner interests and direct secondaries deals, according to a statement from NYPPEX Private Markets.
The sale of limited partner interests represented more than two-thirds or $32.8 billion of the total volume, with direct secondaries making up the remainder. The bulk of the stakes traded were buyout-focused (43 percent), followed by real estate, venture capital, fund of funds, infrastructure, energy and natural resources, distressed debt and hedge funds. Tail-end funds made up 35 percent or $11.4 billion of the fund stakes traded.
NYPPEX defines tail-end funds as nine years or older or funds with 30 percent or less remaining unrealised value.