Private Wealth Fuels a $240 Billion Market for Secondhand Investments

Private investment funds for individuals have become the fastest-growing source of capital in the $240 billion market for private secondhand stakes, according to a report from Jefferies Financial Group Inc.

Secondaries made up about 40% of the $113 billion of capital raised for vehicles known as evergreen funds, which allow periodic redemptions and are tailored for retail investors and smaller institutional investors rather than larger backers such as pensions, endowments or sovereign wealth funds.