As previewed in our Flash Report, 2025 marked a record-breaking year for the secondary market, surpassing the $200 billion threshold for the first time and underscoring secondaries’ increasingly important role within private markets.

The key themes emerging from the year point to a resilient market environment, characterized by surging demand and increasingly competitive dynamics, with secondaries playing an increasingly strategic role for both GPs and LPs. Expanding engagement from market participants across asset classes is expected to carry this momentum, and CL expects volumes could reach at least $250 billion in 2026. We are excited to share our perspective on these driving forces – and more.