As 2025 approaches, significant secondary market activities are emerging, particularly from the New York City Employees’ Retirement System (NYCERS), which is preparing for a potential mega-portfolio sale. This move reflects a broader trend where limited partners (LPs) and general partners (GPs) are seeking liquidity from older funds amid sluggish exit activity. In the first half of the year, LP sales dominated secondary market activity, totaling approximately $40 billion. NYCERS, with a private equity allocation exceeding its target, is collaborating with Evercore for this sale. Additionally, the California Public Employees’ Retirement System may also initiate a large secondary sale.