In the aftermath of the financial crisis, the market for second-hand private equity fund stakes knew no bounds. Deals hit a fresh record of $26 billion last year – as investors sold fund stakes to gain liquidity and some institutions reduced their exposure to the asset class.

But private equity advisory firm Campbell Lutyens estimates that first-half deals this year came in at $7 billion and forecast that the full year could be between $16 billion and $20 billion, the first time volumes have fallen since 2009.