Goldman Sachs has launched a secondaries advisory franchise in the Europe, Middle East and Africa (EMEA) region, reported Reuters, while quoting an internal memo seen by the media agency, as transaction volumes in the secondary market for private equity funds continue to grow.
The bank has named Andrei Brougham, who was previously part of Rothschild & Co (one of the world’s largest independent financial advisory groups), as a managing director in its mergers and acquisitions division to lead these efforts in the EMEA region.
“Brougham, alongside Benedict van Hovell tot Westerflier, who recently joined Goldman Sachs as an executive director, will focus on private equity and infrastructure secondaries, with a particular emphasis on continuation vehicles,” the bank said.
A secondaries advisory franchise generally advises clients on buying, selling, and structuring interests in existing private equity and alternative funds. In public markets, the volume of buying and selling each year generally matches the value of the underlying stocks.
“For private markets, secondary transactions are a fraction of overall assets under management (AUM), since it is tougher to trade in and out of inherently illiquid investments,” Reuters reported.
In 2025, however, about 1.4% of AUM across buyout, venture capital, private credit, real estate and infrastructure funds was expected to trade on the secondary market, up from the 2014-2024 average of 0.9%, stated Reuters’ Breakingviews calculations using Preqin and Evercore data.
An S&P report in 2025 said Preqin Pro data through mid-June indicated that secondaries funds raised about USD 38.8 billion. That milestone put private equity secondaries fundraising on track to exceed USD 60.78 billion from 2024.