Ropes & Gray and HarbourVest Partners Examine Commercial and Legal Trends Shaping the Secondaries Market in 2025

In The News
September 2, 2025

The secondaries market has seen dynamic growth and change in 2025, with deal volumes expected to reach new records despite ongoing undercapitalisation. In a Q&A with Private Equity International, alternative asset opportunities partner Isabel Dische joined HarbourVest Partners’ Dominic Goh, Edward Holdsworth, and Mike Pugatch to discuss the evolving landscape.

The panel discussed the expanding role of private wealth and the potential for AI to enhance due diligence and portfolio monitoring, underscoring the need for reliable data and strong sponsor relationships. They also noted that geographic diversification and the emergence of new asset classes are broadening the scope of secondaries transactions.

Ropes & Gray and HarbourVest Partners expect continued growth and innovation in secondaries, with investors and sponsors adapting to new opportunities and challenges as the market evolves.