- JPMorgan is launching a Private Capital Advisory and Solutions group to advise on private fundraising, structured equity (preferreds/convertibles), and GP-led secondaries.
- Private-asset secondaries hit a record ~$226B in 2025 (+~41% YoY), split between LP-led sales (~$120B) and GP-led deals (~$106B) led by continuation vehicles.
- Pricing is tightening with many LP-led buyouts near par and more multi-asset continuation vehicles narrowing valuation gaps and creating new liquidity routes.
- The shift makes private-capital structuring and advisory a key battleground for banks, alongside rising valuation and regulatory scrutiny risks.
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The investment banking landscape is being reshaped by the rapid growth in private markets and secondary transactions. JPMorgan’s formation of a Private Capital Advisory and Solutions team signals recognition that private fundraising and GP-led secondaries are becoming central pillars of business growth. Where IPOs once dominated as the exit mode, many companies now prefer to stay private longer, capital raising through private routes like preferred equity, convertible instruments, and structured secondaries—areas JPMorgan’s new team explicitly intends to serve.
According to Evercore, private secondaries transaction value reached a record $226 billion in full-year 2025, up around 41% year-on-year. Limited partner (LP)‐led portfolio sales accounted for ~$120 billion, while GP-led activity—continuation vehicles and other structured recapitalization approaches—totalled ~$106 billion. In H1 2025 alone, secondaries volume exceeded $100 billion for the first half-year ever (~$102 billion), up over 40% from H1 2024; GP-led deals comprised about 47% of that H1 volume, showing a balance between LP liquidity needs and sponsor-led structures.
Price expectations and valuation dynamics are tightening. LP-led buyouts are increasingly trading at or near par, whilst sectors like infrastructure and credit are now trading in 90–100% ranges of reported NAV in many cases. GP‐led deals have shifted toward more multi-asset continuation vehicles—ranging from 31% of GP-led volume in H1 2024 to 50% in H1 2025—reflecting growing sponsor sophistication and investor appetite.
These shifts carry strategic implications for investment banks. Firms that can provide advisory, structuring, and capital match-making in private capital and secondaries will be in high demand. JPMorgan is seeking to secure early relationships with private companies and sponsors that may later become public or exit through other structured options, which may yield outsized fees. However, banks also face challenges: regulatory scrutiny—especially over valuation transparency and carried interest in GP-led deals; potential distortions if liquidity becomes over-concentrated; and risk that current high dry powder and elevated pricing may not sustain if macro conditions deteriorate.
Supporting Notes
- JPMorgan has formed a new Private Capital Advisory and Solutions unit providing M&A advice, helping with early-stage equity, preferred stock, convertibles, and supporting GP-led secondary funds.
- Evercore reports full-year 2025 private secondaries deal volume at roughly $226 billion, up ~41% YoY; GP-led volume ~$106 billion; LP-led portfolio sales ~$120 billion.
- In H1 2025, secondaries volume was ~$102 billion, up 42% from H1 2024; LP-led deals ~$54 billion; GP-led ~$48 billion.
- Continuation vehicles make up 69% of GP-led volume; multi-asset CVs rose from 31% in H1 2024 to ~50% in H1 2025.
- LP-led buyouts trading near or above par; infrastructure and credit secondaries often priced 90-100% of NAV; venture and real estate discounts more pronounced (75-80% and 70-75% of NAV respectively).
- Dry powder in secondaries has declined (from ~$216 billion to ~$171 billion in first half 2025), indicating higher deployment rates.