How the secondary market became a primary source of private equity liquidity, and what its pricing means for golf.
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Secondary volume reached a record $240 billion in 2025, yet annual turnover remains below 2% of private market assets. A secondary sale moves duration from one investor to another; the underlying companies do not change hands. What the market adds is a price, and that price is sorting assets by quality. This report reads what the discount reveals, and why golf club and course platforms are likely to be priced by private buyers and private lenders.
Capital that can underwrite the asset is paid for supplying liquidity.