Secondaries are now the super majority as it relates to 2024 exit dollars: 71% secondaries; 26% m&a; and 3% IPOs. And this has accelerated bigly through 2025, so what does this all mean? More deal flow (in aggregate) is being generated from secondary deals (aka "M&A lite deals") vs. traditional investment banking (M&A and ECM/DCM). There is a read through here and it is probably worth paying attention to going forward. Opening this forum up to new and junior investment bankers looking to get into investment banking, as I expect this is where most the action will be for the foreseeable future.
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