Our latest 1H 2026 Secondary Market Flash Report, based on insights from more than 120 of the market's most active participants, highlights several themes shaping today's market:

• LP-led and GP-led activity reached near parity, reflecting increasingly diverse sources of liquidity across private markets.
• Buyer participation broadened, with activity becoming less concentrated among the largest investors.
• GP-led volume increased to $54 billion, driven by continued demand for high-quality continuation vehicle opportunities.
• Infrastructure and private credit delivered some of the strongest pricing outcomes, underscoring investor demand for resilient, cash-flow-generative assets.
• Structured solutions continued to gain traction, with preferred equity representing approximately 10% of overall market volume.

As private markets continue to evolve, secondaries remain an increasingly important liquidity and portfolio management tool for both LPs and GPs.

Download the latest Flash Report to explore the trends shaping the market in 2026