Global Secondary Market Review, H1 2026 (Jefferies)

Summary

• Global secondary volume reached a record $118 billion in H1 2026, above the prior first-half record of $103 billion.p.2
• LP volume reached $56 billion, accounting for 47% of total secondary market activity.p.2
• GP-led volume reached $62 billion, representing 53% of total secondary market activity.p.2
• Average pricing for LP portfolios remained stable at 87% of NAV in H1 2026.p.2
• Dedicated available capital totaled $290 billion by the end of H1 2026, down from $327 billion at year-end 2025.p.2
• Buyout pricing remained resilient in H1 2026 at 91% of NAV.p.5

Key insights

1. Secondary volume grew 15% over the $103 billion record, and the market is on pace to exceed the 2025 volume record of $240 billion.p.2
2. Single-asset continuation vehicles account for 68% of all CVs, while multi-asset CVs comprise 32%.p.2
3. GP-led volume grew 32% over H1 2025 levels to $62 billion.p.3
4. Jefferies' updated outlook expects total volume of about $260 billion, compared with an initial expectation of $250 billion.p.3
5. North American and European funds made up 95% of total LP volume and achieved average pricing of 86-88% of NAV.p.6
6. GP-led transactions continued to represent 14% of sponsor-backed exits, and over 25 CVs exceeding $1 billion were executed.p.7
7. Of the top 100 sponsors by AUM, 82 have executed a CV.p.4
8. The European GP-led market reached approximately $15 billion, representing 24% of global GP-led volume.p.9