News Summary

The global secondary market has hit a record high, reaching $103 billion USD in the first half of 2025. This surge is attributed to a lack of distributions from IPOs and M&As, driving the popularity of secondary investments. Canadian tech firms like Clio, Fispan, Jane Software, and Safe Software have engaged in significant secondary deals to maintain liquidity and flexibility. Northleaf Capital Partners, a Toronto-based investment firm, has raised $908 million CAD for its fourth secondary fund, demonstrating the robust demand for secondary transactions. The Canadian market is seeing a trend towards secondary-heavy deals, with firms like Pender Ventures and True North Fund focusing on growth-stage technology companies through secondaries. As the exit environment remains challenging, secondary transactions are becoming a crucial strategy for managing liquidity and portfolio rebalancing.