Private markets secondaries manager Coller Capital expects the credit secondaries market will reach $40 or $50 billion over the next couple of years with the market doubling in growth every year.
Coller Capital chief investment officer of global credit secondaries Ed Goldstein said secondary market volumes this year are expected to be somewhere between $180 and $200 billion in volume, based upon what advisers are reporting.
Goldstein noted the vast majority of that will be in private secondaries, mostly buyouts.
“If you look at credit secondaries, the volumes last year were around $10 billion. For this year, it’s expected to be around $9 billion in the first half of the year and is likely to be close to $20 billion by the end of the year.
“So out of the total $200 billion in secondary market volumes, credit secondaries are [estimated] to be around 10 per cent of that,” Goldstein said.
While the private equity secondaries market has been around longer and is a much larger portion of the total secondaries market, Goldstein said the volumes for credit secondaries are expected to grow at a much faster rate over the coming years.
“Both markets are growing rapidly but the growth in credit secondaries volume has been much more significant coming from a relatively smaller, nascent market,” he said.
Goldstein said the credit secondaries market appears to be experiencing a doubling in growth every year, with market volumes having grown from $5 billion to $10 billion last year and to $20 billion potentially at the end of this year.
“Private equity secondaries, on the other hand is still a double-digit growth business but its more established,” he said.
“From an absolute standpoint, equity secondaries are the larger portion of the market but with credit secondaries doubling in growth, you can easily see a path to the credit secondaries market growing to $40 or $50 billion over the next few years.”
Coller Capital said that increasing investor demand for liquidity solutions, diversification and sophisticated portfolio management tools were some of the drivers behind the substantial growth in the private credit secondaries market.
The private market secondaries manager said it had seen $53 billion in secondary credit investment opportunities between January 2024 and July 2025 and anticipated further growth as more private credit funds mature.
Coller Capital recently announced the final close of its second credit fund, the Coller Credit Opportunities II platform, after raising $6.8 billion in its latest fundraising cycle.
Jeremy Coller, Coller Capital chief investment officer and managing partner of Coller Capital, said the fundraise reaffirms the significant evolution and maturation of the private credit secondaries market.
“Investors increasingly recognise the strategic importance of private credit secondaries market in achieving defensive exposure, liquidity and enhanced portfolio management amid heightened market volatility,” Coller said.
