The rise of GP-led secondaries has been one of the most significant structural evolutions in private markets over the past decade. Once a niche solution for distressed or legacy assets, GP-leds have now become a mainstream portfolio management tool used by some of the world’s most respected general partners (GPs) and increasingly found in semi-liquid and evergreen strategies. And the trend has shown no sign of stopping, with the volume of GP-led deals globally reaching a new record in the first half of 2025.