Why the exploding secondaries market is hard to pin down [Fortune]
Charles Schwab Corporation (The) (SCHW)
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Source: Fortune
The secondaries market has exploded in recent years, driven by a simple problem: companies are staying private longer, exits have dried up, and investors need inventive ways to return cash to their LPs. New PitchBook data estimates that, in 2025, somewhere between $62.5 billion and $120.9 billion were traded in U.S. direct secondaries. Now, $58 billion-plus is a helluva range, but more importantly: that's a margin of error larger than many markets. (The worldwide total addressable market for, say, soap is around $50 billion.) One point of comparison: $50 billion was the volume for all of 2024. PitchBook has good reason for keeping its estimates broad. The secondaries market, as big as it's gotten, is structurally opaque. There are a few rules that force disclosure and investors—frequently small firms and wealthy individuals—often buy shares with incomplete information. The FOMO logic isn't all that different from public markets. If you like OpenAI, you want a piece of it—it's the
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SCHW
Earnings
- 1/21/26 - Beat
SCHW
Sec Filings
- 2/27/26 - Form 4
- 2/11/26 - Form 4
- 2/10/26 - Form 4
- SCHW's page on the SEC website