H1 2026 Secondary Market Review (Evercore)

Summary

• First-half 2026 secondary volume surpassed $120 billion, the strongest first half on record and up nearly 20% year-over-year.p.2
• Full-year 2025 volume topped $226 billion, a gain of more than 40% over 2024.p.2
• GP-led activity reached $65 billion in H1 2026, outpacing LP-led activity at $56 billion.p.2
• Secondary dry powder stands at approximately $194bn, down from roughly $215bn at the start of the year, against an H2 fundraising target of $154bn.p.5
• SACVs account for 53% of the GP-led market, totaling approximately $34bn of volume.p.8
• LP-led volume held at $56bn in H1 2026, representing 46% of total activity and up roughly 4% year-over-year.p.13
• Credit secondaries H1 2026 total deal value reached $20bn, surpassing full-year 2025.p.17

Key insights

1. Semi-liquid evergreen vehicles now account for ~$500 billion of industry AUM, including more than $130 billion managed by secondary firms.p.6
2. Private equity accounts for 65% of GP-led volume, with infrastructure at 16% and credit at 11%.p.8
3. Software CVs represented only 10% of H1 GP-led volume, down from 18% in 2025.p.8
4. Super-Carry now features in more than one-third of GP-led transactions, concentrated in processes involving the highest-quality assets.p.9
5. Target multiples average ~2.3x for SACVs, against ~1.9x for MACVs, ~1.8x for single LP interests and ~1.7x for diversified LP portfolios.p.10
6. 88% of LP-led volume ran through an advisor-led, multi-bidder process, while sovereign wealth funds rose from 12% to 21% of volume.p.14
7. Over 90% of credit secondary buyers expect to raise additional capital within the next 12 months, including 71% within the next six months.p.17
8. Infrastructure secondaries H1 2026 volume reached $12bn, up 33% year-over-year.p.18
9. Venture secondary volume held flat in H1 2026 at $5bn, with 84%+ of buyers expecting year-over-year growth.p.19
10. Volume has climbed for three straight years, from $103bn in 2022 to $226bn in 2025.p.21