Key Takeaways
- • Record H1 2026 volume reached $118–$120 billion, surpassing the prior H1 record of $103 billion set in 2025, representing nearly 20% year-over-year growth and the strongest first half on record for the secondaries market.
- • GP-led transactions now account for approximately 50% of total secondary market activity, marking a structural shift in deal composition as fund managers increasingly organize liquidity solutions within their own funds rather than relying solely on LP-led sales.
- • Full-year 2026 secondaries market is forecast to reach $250 billion, with 216 secondaries funds currently in market targeting $115.4 billion in fundraising, indicating sustained momentum and no sign of slowing capital deployment.
- • LP-led secondaries reached $54 billion in transaction value in H1 2025, driven by increased liquidity needs and strong capital availability, demonstrating diversified demand across both GP-led and LP-led transaction structures.
- • Single-asset and continuation fund structures are gaining prominence within the secondaries market, reflecting evolving investor preferences and the market's ability to address a growing set of liquidity needs across the private markets ecosystem.
Summary
The secondaries market sustained record-breaking momentum through the first half of 2026, with transaction volume reaching between $118 billion and $120 billion according to multiple sources—surpassing the prior H1 record of $103 billion established in 2025 and representing approximately 20% year-over-year growth. This performance marks the strongest first half on record for the sector and reflects the market's continued maturation as a critical liquidity provider across private markets.
The composition of secondaries activity has undergone a significant structural shift. GP-led transactions—wherein fund managers organize liquidity solutions directly within their own portfolios—now account for nearly 50% of total secondary market volume. This represents a meaningful departure from the traditional LP-led sale model and signals a strategic evolution in how general partners are managing fund lifecycles and addressing investor liquidity requirements. The prominence of GP-led activity underscores the growing sophistication of fund management and the market's expansion beyond distressed or opportunistic scenarios into mainstream portfolio management.
Fundraising momentum remains robust, with 216 secondaries funds currently in market targeting $115.4 billion in capital commitments. Industry forecasts project the full-year 2026 secondaries market will reach $250 billion, indicating no signs of deceleration in capital availability or deployment velocity. This fundraising pipeline supports continued transaction growth and suggests institutional and alternative investors remain committed to secondaries as a core allocation strategy for achieving diversification, capturing market inefficiencies, and managing fund duration risk.
Transaction diversity has expanded to include single-asset deals and continuation fund structures alongside traditional portfolio sales, reflecting evolving investor preferences and the market's increasing capacity to address varied liquidity needs across the private markets spectrum. The secondaries market continues to attract capital by offering structural benefits including shorter duration exposure, entry-level discounts that mitigate J-curve effects, and enhanced diversification—factors that remain compelling for institutional investors navigating a complex private markets landscape.
The composition of secondaries activity has undergone a significant structural shift. GP-led transactions—wherein fund managers organize liquidity solutions directly within their own portfolios—now account for nearly 50% of total secondary market volume. This represents a meaningful departure from the traditional LP-led sale model and signals a strategic evolution in how general partners are managing fund lifecycles and addressing investor liquidity requirements. The prominence of GP-led activity underscores the growing sophistication of fund management and the market's expansion beyond distressed or opportunistic scenarios into mainstream portfolio management.
Fundraising momentum remains robust, with 216 secondaries funds currently in market targeting $115.4 billion in capital commitments. Industry forecasts project the full-year 2026 secondaries market will reach $250 billion, indicating no signs of deceleration in capital availability or deployment velocity. This fundraising pipeline supports continued transaction growth and suggests institutional and alternative investors remain committed to secondaries as a core allocation strategy for achieving diversification, capturing market inefficiencies, and managing fund duration risk.
Transaction diversity has expanded to include single-asset deals and continuation fund structures alongside traditional portfolio sales, reflecting evolving investor preferences and the market's increasing capacity to address varied liquidity needs across the private markets spectrum. The secondaries market continues to attract capital by offering structural benefits including shorter duration exposure, entry-level discounts that mitigate J-curve effects, and enhanced diversification—factors that remain compelling for institutional investors navigating a complex private markets landscape.
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