Secondaries Market Hits $118B in H1 2026 Amid Structural Shifts
Global secondary transaction volume grew 15% year-over-year, driven by LP liquidity needs and growing GP adoption of continuation vehicles, particularly in credit and venture.
The global secondaries market reached $118 billion in transaction volume in the first half of 2026, a 15% increase year-over-year, putting it on pace to exceed $200 billion for the full year. This growth is propelled by persistent limited partner liquidity needs and increasing general partner adoption of continuation vehicles across asset classes. The market's composition is evolving, with the share of GP-led deals for buyout funds declining to 66% from 70% as continuation vehicles for credit and venture investments grow more rapidly. In a notable strategic shift, GPs favored hard-asset sectors like business services, healthcare, and industrials, while interest in technology has cooled amid valuation concerns. Structuring trends also show maturation, with deferred consideration now a standard feature in approximately one-third of GP-led transactions. Counsel should advise clients on the contracting capital overhang—dedicated dry powder fell to $290 billion from $327 billion—which may tighten competition and affect deal pricing in the near term.