Key Takeaways
- • Secondary market volumes reached $220 billion in 2025, marking another record year, with William Blair projecting $250 billion in total volume for 2026—indicating continued momentum with no signs of deceleration.
- • Growth is being driven by all-time highs across both LP-led and GP-led secondary transactions, demonstrating sustained investor demand across deal structures.
- • William Blair surveyed 60 investors between November 2025 and January 2026, with approximately 60% having invested over $500 million in secondaries, signaling strong institutional commitment to the asset class.
- • The 2026 Secondary Market Report provides detailed analysis on capital formation dynamics, continuation fund pricing and terms, and European GP-led market trends, offering comprehensive market intelligence for institutional participants.
- • Market insiders surveyed by William Blair are projecting continued bullish conditions for secondaries in 2026 despite broader economic uncertainties, reflecting confidence in secondary market resilience and structural tailwinds.
Summary
The secondary private markets continue to experience unprecedented growth, with 2025 delivering record volumes of $220 billion according to William Blair's Private Capital Advisory team. This achievement exceeded market expectations and has set the stage for even stronger projections in 2026, with insiders surveyed by the firm forecasting $250 billion in total secondary market volume for the year. The market's resilience and record-breaking trajectory underscore the structural importance secondaries have assumed within the broader alternative investment ecosystem.
William Blair's latest annual Secondary Market Report, released in March 2026, documents sustained expansion across both LP-led and GP-led transaction segments. The firm's research team conducted a comprehensive survey of 60 institutional investors between November 2025 and January 2026, capturing sentiment at a critical inflection point in the market cycle. The survey revealed that approximately 60% of respondents had invested over $500 million in secondaries, indicating deep institutional commitment and significant capital deployment in this asset class. This concentration of large-scale investors underscores the maturation of the secondary market and its centrality to institutional portfolio construction.
The report provides substantive analysis across multiple dimensions of secondary market activity. Key topics examined include continued growth trajectories in both LP- and GP-led transactions, capital formation mechanisms specific to secondary vehicles, detailed examination of continuation fund pricing and term structures, and a focused analysis of the European GP-led market segment. These components collectively offer institutional investors actionable intelligence on market dynamics, pricing discipline, and geographic opportunities within the secondary landscape.
The bullishness reflected in William Blair's 2026 forecast is particularly noteworthy given the presence of macroeconomic headwinds and market volatility. The $30 billion projected increase from 2025 to 2026 represents approximately a 13.6% growth rate, suggesting that secondary market participation remains an attractive relative value proposition for large institutional capital allocators. The sustained optimism among surveyed market participants indicates confidence in continued favorable exit environments, strong portfolio company performance, and structural demand for secondary liquidity solutions.
William Blair's latest annual Secondary Market Report, released in March 2026, documents sustained expansion across both LP-led and GP-led transaction segments. The firm's research team conducted a comprehensive survey of 60 institutional investors between November 2025 and January 2026, capturing sentiment at a critical inflection point in the market cycle. The survey revealed that approximately 60% of respondents had invested over $500 million in secondaries, indicating deep institutional commitment and significant capital deployment in this asset class. This concentration of large-scale investors underscores the maturation of the secondary market and its centrality to institutional portfolio construction.
The report provides substantive analysis across multiple dimensions of secondary market activity. Key topics examined include continued growth trajectories in both LP- and GP-led transactions, capital formation mechanisms specific to secondary vehicles, detailed examination of continuation fund pricing and term structures, and a focused analysis of the European GP-led market segment. These components collectively offer institutional investors actionable intelligence on market dynamics, pricing discipline, and geographic opportunities within the secondary landscape.
The bullishness reflected in William Blair's 2026 forecast is particularly noteworthy given the presence of macroeconomic headwinds and market volatility. The $30 billion projected increase from 2025 to 2026 represents approximately a 13.6% growth rate, suggesting that secondary market participation remains an attractive relative value proposition for large institutional capital allocators. The sustained optimism among surveyed market participants indicates confidence in continued favorable exit environments, strong portfolio company performance, and structural demand for secondary liquidity solutions.
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