Private‑equity firms are recycling assets at an unprecedented pace, with estimates suggesting a 20‑30 % jump in intra‑firm sales over the previous year, even though no audited industry‑wide total exists.

The most concrete snapshot comes from Bloomberg, which tracks disclosed secondary‑market deals in real time. Between January and September 2025 the data‑feed recorded roughly $120 billion of assets transferred between funds managed by the same sponsor – a surge of 30 % compared with the same nine‑month window in 2024, when about $92 billion changed hands. If that momentum persisted, the annual total could breach the $150 billion mark.

A complementary view is offered by Preqin’s annual outlook, based on a voluntary survey of 150 private‑equity houses. Its forecast for the full calendar year 2025 puts intra‑firm sales at $85 billion, up 21 % from the 2024 estimate of $70 billion. While the methodology differs – relying on self‑reported transactions rather than transaction‑level feeds – the direction of growth aligns closely with Bloomberg’s nine‑month figure.

The Financial Times’ own analysis of 2024, compiled from SEC Form D filings and limited‑partnership disclosures, recorded $92 billion of internal transfers for that year. That figure serves as the most reliable baseline against which the 2025 estimates are measured.

Together, the three sources illustrate a clear trend: private‑equity sponsors are increasingly moving assets between funds they control, a practice often described as “recycling.” The drivers are multifaceted. Mature funds approaching the end of their investment periods seek liquidity for limited partners, while newer vehicles require capital to meet deployment mandates. By selling assets internally, sponsors can satisfy both demands without courting external buyers, thereby preserving valuation expectations and reducing transaction costs.

However, the very nature of these deals complicates transparency. Unlike external secondary sales, internal transfers are not subject to the same reporting obligations. Consequently, no single regulator or industry body mandates a comprehensive, audited tally of the activity. Analysts must piece together partial data from transaction feeds, voluntary surveys and filing analyses, leaving the true scale of the market open to interpretation.

The implications for investors are mixed. On the one hand, intra‑firm sales can provide orderly exits for limited partners, especially in a market where traditional secondary appetite may be thin. On the other, the opacity surrounding the pricing and terms of these deals raises questions about valuation integrity and potential conflicts of interest. As the practice becomes more entrenched, market participants may press for clearer disclosure standards to safeguard confidence.

In the absence of a definitive figure, the best‑available evidence points to a record‑high level of internal asset movement in 2025, with estimates ranging from $85 billion to $120 billion for the year‑to‑date, and a likely annual total that could exceed $150 billion if the September trend holds. Regardless of the exact number, the growth rate—between 20 % and 30 % over the previous year—signals that private‑equity firms are increasingly relying on self‑dealing as a strategic tool, reshaping the secondary‑market landscape and prompting calls for greater transparency.

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