Global secondary market dealmaking declined roughly 25% year-over-year to $43 billion in the first six months of 2023, a product of persistent pricing gaps, a lower supply of assets from both GP and LP sellers, and easing pressure from overallocation. Reduced supply and widening expectations between sellers and buyers have impacted both GP-led and LP-led secondary deal activity. Robert Emerson, Private Equity and Private Investment Funds partner, noted to PitchBook that since the second half of last year, public market declines have turned a seller's market into a buyer's market. Secondary investors had more questions about whether the estimated portfolio valuations offered by sellers were fair and whether the gloomy economic outlook could lead to further markdowns.