The real estate secondaries market continued its strong growth in 2025, reaching a record $20.3 billion in total volume. This growth was driven by structurally rising demand for liquidity solutions across private real estate, stabilizing valuations, and improving real estate fundamentals.
In 2025, Ares Secondaries Group recorded 189 real estate secondaries transactions, representing $20.3 billion of net asset value (NAV) that closed or were placed under contract. This new high-water mark surpassed 2024 records of 163 transactions and $14.6 billion in NAV by 39% and 16%, respectively.
GP-led transactions surge 60%
Transactions led by general partners (GPs) reached $14.5 billion, a 60% increase over 2024, accounting for 72% of total market volume. Growth has been driven by continued adoption of GP-led liquidity solutions, including fund recapitalizations and continuation vehicles, particularly in senior housing, multifamily, and data center sectors.
LP-led transactions poised for growth
Transactions led by limited partners (LPs) represented 28% of total 2025 volume, increasing from $5.3 billion to $5.8 billion. Value-add and opportunistic fund transactions grew 11% from 2024, fueled by investors seeking liquidity amid historically low fund distributions.
Geographic distribution and outlook
In 2025, U.S.-weighted partnerships accounted for 59% of total volume, Europe 37%, and Asia 4%. Real estate secondary volumes are expected to continue substantial growth in the coming years, helping unlock liquidity across more than $2 trillion of NAV held in closed-end private real estate funds and non-fund vehicles such as joint ventures and co-investment vehicles.
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