UK $112 Billion Private Market Asset Manager Schroders Capital Annual Continuation Investments Research: 1) GP-Led Secondaries (Continuation) Deal Value Increased to $109 Billion in 2025 (2024: $76 Billion), 2) GP-Led Secondaries (Continuation) at Over $330 Billion by 2035, 3) 5 Key Structural Factors for Growth are Continued Private Equity Ownership to Drive Company Transformation, No Change of Owner, Continuation Investments are Cost-Effective Way to Deliver Ongoing Transformation, More Predictable Returns & Faster Liquidity Compared to Buyouts, Demand for Alternative Liquidity Solutions Due to Current Cyclical Exit Gap, 4) Businesses Remain in Private Equity Ownership Average 38% of Deal Count & 36% of Deal Value for Last 20 Years (Since 2006), 5) Top-Quality Companies Growth Path Exceed 4 to 5 Year Investment Lifecycle of Private Market Funds, 6) Companies with $1 Billion Below Enterprise Values are Structurally More Attractive
12th July 2026 | Hong Kong
UK private market asset manager Schroders Capital ($112 billion AUM) Annual Continuation Investments Research – 1) GP-led secondaries (Continuation) deal value increased to $109 billion in 2025 (2024: $76 billion), 2) GP-led secondaries (Continuation) at over $330 billion by 2035, 3) 5 key structural factors for growth are continued private equity ownership to drive company transformation, no change of owner, continuation investments are cost-effective way to deliver ongoing transformation, more predictable returns & faster liquidity compared to buyouts, demand for alternative liquidity solutions due to current cyclical exit gap, 4) Businesses remain in private equity ownership average 38% of deal count & 36% of deal value for last 20 years (Since 2006), 5) Top-quality companies growth path exceed 4 to 5 year investment lifecycle of private market funds, 6) Companies with $1 billion below enterprise values are structurally more attractive. Announcement (8/7/26): “Schroders Capital today announces the publication of its latest annual continuation investments research. Analysis from Schroders Capital forecasts that the global continuation investment market, also known as GP-led secondaries, will continue to accelerate over the next decade, underpinned by structural factors. The private equity team’s model forecasts sustained growth in continuation markets over the medium to long term. The base case forecasts investment volumes in excess of US$330 billion by 2035. This forecast reflects structural market dynamics that continue to extend private equity ownership beyond initial holding periods under the same ownership, alongside investor demand for investments with reduced risk, more predictable returns, faster liquidity and lower fees. In other scenarios, our analysis suggests that the market could even see a larger expansion of up to five times current levels. The continuation investment market gained further momentum last year. Total deal value rose from a revised US$76 billion in 2024 to a new record of US$109 billion in 2025. Continuation investments are a growing phenomenon in the private equity market – and they represent a significant structural shift in the dynamics of how the industry creates and realises value. While there have been cyclical factors that have accelerated transaction volumes in recent years, Schroders Capital’s analysis highlights that this merely accentuates the steady and consistent growth seen in this segment over the past decade. Explosive growth to continue: market to more than triple in size from 2025 record – The continuation investment market’s recent growth trajectory shows no sign of slowing. Based on Schroders Capital’s conservative projections – rooted in increasing market penetration of continuation investments, growth in broader private equity net asset value, and anticipated overall recovery in private equity distributions – they forecast a more than threefold expansion in continuation investments over the next decade, compared to 2025’s already above-forecast record total. Specifically, in base case forecasts, Schroders Capital expects total continuation investment volumes to increase from around US$109 billion in 2025 to more than US$330 billion by 2035. As part of Schroders Capital’s analysis, the cyclical tailwind for continuation investments contributed about 9% of the transaction volume in 2025, down from 14% in 2024. This emphasises the conclusion that most of the market growth is being driven by structural shifts. There are five key structural factors Schroders Capital believes are driving the growth of this segment, reflecting a combination of long-term market evolution and short-term dynamics: 1) Continued private equity ownership beyond the original holding period is an established way to drive company transformation 2) Ongoing company transformation under private equity ownership often does not require a change in owner 3) Continuation investments are a cost-effective way to deliver ongoing transformation 4) Continuation investments have more predictable returns and faster liquidity compared to traditional buyouts 5) The current cyclical exit gap is accelerating demand for alternative liquidity solutions. Disrupting the buyout model – The concept of businesses remaining in the private equity ecosystem after their original holding period is not new. Sponsor-to-sponsor buyouts, where one fund manager sells a portfolio company to another, have represented a significant share of exits for more than two decades, averaging 38% of deal count and 36% of deal value since 2006. This deal flow is now partially displaced as continuation investments are often a better and cheaper alternative to continuing company transformation – where more assets are now remaining with the same fund manager, supported by a continuation vehicle and, typically, a new influx of capital. Alongside this, the growth path of top-quality companies is increasingly exceeding the 4-5 year standard investment lifecycle of private market funds under the same owner. This displacement of deal flow disrupts part of the buyout market, especially for mid and large buyouts. Over the past two decades, those strategies have increasingly depended on sponsor-to-sponsor transactions as their primary deal source, representing more than half of their new transaction volumes in recent years, and between a quarter and third of new investments in 2025. Based on forecasts of continuation market growth, Schroders Capital’s new estimates indicate that close to 5% of all mid- and large buyout deal flow could be displaced over the next 10 years, compared to where it would be otherwise. Such a shift will have a significant impact on larger buyout managers and secondary firms. With a recent rise in dedicated continuation strategies, the market has seen maturation and increased fundraising – in turn providing an additional tailwind for transaction volumes in 2026 and beyond. Why small/mid continuation investments are structurally more attractive – Schroders Capital believes the lower mid-market, covering continuation fund investments in small and mid-sized buyout portfolio companies (companies with enterprise values below US$1 billion), are structurally more attractive. Based on analysis of deal flow between 2022 and 2024, more than two-thirds of the potential continuation fund transactions evaluated by Schroders Capital involved companies with enterprise values below US$750 million.”
“ UK $112 Billion Private Market Asset Manager Schroders Capital Annual Continuation Investments Research: 1) GP-Led Secondaries (Continuation) Deal Value Increased to $109 Billion in 2025 (2024: $76 Billion), 2) GP-Led Secondaries (Continuation) at Over $330 Billion by 2035, 3) 5 Key Structural Factors for Growth are Continued Private Equity Ownership to Drive Company Transformation, No Change of Owner, Continuation Investments are Cost-Effective Way to Deliver Ongoing Transformation, More Predictable Returns & Faster Liquidity Compared to Buyouts, Demand for Alternative Liquidity Solutions Due to Current Cyclical Exit Gap, 4) Businesses Remain in Private Equity Ownership Average 38% of Deal Count & 36% of Deal Value for Last 20 Years (Since 2006), 5) Top-Quality Companies Growth Path Exceed 4 to 5 Year Investment Lifecycle of Private Market Funds, 6) Companies with $1 Billion Below Enterprise Values are Structurally More Attractive “
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Nils Rode, Chief Investment Officer, Schroders Capital: “Over the past year, the trends we identified have not only persisted, but accelerated, with continuation investments further embedding themselves as a core feature of the private equity landscape rather than a short-term response to challenging exit market conditions. Our analysis clearly demonstrates that continuation investments are neither cyclical nor temporary in nature. Underlying structural forces continue to underpin the market, with projected growth expectations revised upwards. What’s most disruptive is not that private equity assets can stay private for longer – that has happened for decades through sponsor-to-sponsor deals. It’s that continuation transactions enable the original sponsor to keep control, with new capital and optional liquidity for existing investors. As such, continuation investments are catalysing a fundamental reconfiguration of how value is generated and realised in buyout investing. In short, our analysis demonstrates that the rise of continuation investments is not simply a stopgap, or a passing trend – they are a disruptive force reshaping the architecture of private equity. With continued growth, we expect to see greater investment innovation in the space to support increasing investor demand.”
Petr Poldauf, Senior Investment Director, Schroders Capital: “While continuation funds are proliferating across the private equity spectrum, we believe the lower mid-market is particularly compelling. Several factors make the lower mid-market especially attractive: it offers a vast and diverse opportunity set, often with more favourable transaction economics and greater scope for transformational value creation. Importantly, it also tends to show greater resilience during periods of uncertainty, as many of the underlying businesses are more domestically focused and service-orientated, which can make them less exposed to the trade and geopolitical tensions driving renewed market volatility today. As the continuation investment market continues to mature, we’re seeing increased recognition of the potential benefits to fund managers, both existing and new investors, and new secondary buyers that we believe will continue to drive momentum.”
Schroders Capital – Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates. The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity. With US$111.8 billion (£83.1 billion; €95.2 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
Schroders – Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £823.7 billion (€943.4 billion; US$1107.9 billion) of assets under management at 31 December 2025. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6.5 billion and operates across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Principal Shareholder Group continues to be a significant shareholder, holding approximately 44% of the issued share capital. Schroders’ success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate. Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.
UK $112 Billion Private Market Asset Manager Schroders Capital Annual Continuation Investments Research: 1) GP-Led Secondaries (Continuation) Deal Value Increased to $109 Billion in 2025 (2024: $76 Billion), 2) GP-Led Secondaries (Continuation) at Over $330 Billion by 2035, 3) 5 Key Structural Factors for Growth are Continued Private Equity Ownership to Drive Company Transformation, No Change of Owner, Continuation Investments are Cost-Effective Way to Deliver Ongoing Transformation, More Predictable Returns & Faster Liquidity Compared to Buyouts, Demand for Alternative Liquidity Solutions Due to Current Cyclical Exit Gap, 4) Businesses Remain in Private Equity Ownership Average 38% of Deal Count & 36% of Deal Value for Last 20 Years (Since 2006), 5) Top-Quality Companies Growth Path Exceed 4 to 5 Year Investment Lifecycle of Private Market Funds, 6) Companies with $1 Billion Below Enterprise Values are Structurally More Attractive
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