investment research
Private Investment Capabilities
Secondaries
Co-investments
about ca
Co-investments play an increasingly important role in private market portfolios as investors seek more direct access to opportunities and greater flexibility in portfolio construction. Over the last year, CA’s Co-investment Practice sourced 275 deals that spanned the globe, industries, and sectors—including our first co-investment in Asia. Clients are showing significant demand for both lower middle market private equity and infrastructure opportunities, including traditional infrastructure as well as energy transition and digital.
Global secondary transaction volume rose to a record $162 billion in 2024, up 45% on the previous year, as a function of increased amount of private equity capital raised over the past decade, companies staying private for longer, exits and liquidity being limited due to muted IPO and M&A markets, and secondary trades becoming an accepted tool for portfolio management.
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Commitments Over Time
ca events
• 101,000+ investments covered • 630+ clients with assets committed to private investments • 2,000+ meetings held with GPs annually • 7,000 GP relationships • 16,000+ covered companies for operating metrics $788 billion total client capital invested in private investments since 1980. 7 $224 billion total private investment assets under advisement & management. 8
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We have seen a strong and increasing supply of secondary opportunites, both on the sell- and buy-side. We believe CA is well-positioned to help deliver secondary returns for its clients, both through our integral position in the market and our CASA secondary fund.”
notes
2024 was a tale of two halves, with the first part of the year being very active and then a slower pace in the second half as rising interest rates and the US election slowed deal flow.”
alex shivananda head of global secondaries
scott martin head of global co-investments
17 cambridge associates year in review 2024–25
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