Goldman Sachs has launched a secondaries advisory ‍franchise in ‍the Europe, Middle East and Africa (EMEA) region, according to ​an internal memo seen by Reuters on Monday, as transaction volumes in the ⁠secondary market for private equity funds continue to grow.

The bank has named ⁠Andrei Brougham, ‌who was previously part of Rothschild & Co, as a managing director in its mergers and acquisitions business to lead ⁠these efforts in EMEA.

A secondaries advisory franchise advises clients on buying, selling, and structuring interests in existing private equity and alternative funds.

In public markets, the volume of buying and selling each year ⁠generally matches the value ​of the underlying stocks.

For private markets, secondary transactions are a fraction of overall assets under ‍management, since it is tougher to trade in and out of inherently illiquid ​investments.

In 2025, however, about 1.4% of AUM across buyout, venture capital, private credit, real estate and infrastructure funds was expected to trade on the secondary market, up from a 2014-2024 average of 0.9%, according to Breakingviews calculations using Preqin and Evercore data.

An S&P report last year said Preqin Pro data through mid-June indicated that secondaries funds raised about $38.8  billion. That put private equity secondaries fundraising on track to exceed $60.78 billion ⁠from 2024.

Brougham, alongside Benedict van Hovell tot ‌Westerflier, who recently joined Goldman Sachs as an executive director, will focus on private equity and infrastructure secondaries, with a particular emphasis on ‌continuation vehicles, ⁠the bank said.

(Reporting by DhanushVignesh Babu in Bengaluru and Anousha Sakoui in ⁠London; Editing by Vijay Kishore and Shilpi Majumdar)