LP Compass Secondary Investor Survey, March 2026 (Houlihan Lokey)

Summary

• The survey documents the activity and opinions of 58 of the world's top secondary buyers and sellers.p.2
• 86% of top secondary players expect volume to hit new all-time highs in 2026.p.2
• Only 4% of respondents see prices declining in 2026, with about two-thirds predicting pricing stability.p.2
• 96% expect secondary pricing to remain the same or rise in 2026, respectively 65% and 31%.p.4
• Nearly nine in 10 investors are targeting buyout, with 86% favoring it as a strategy.p.6
• The USA is favored by 86% of investors and Europe by 74%.p.6
• Some 85% of investors see GP-led quality as remarkably stable, with 69% believing quality is unchanged.p.7

Key insights

1. GP-led dollar volume rose some 50% in 2025, according to Houlihan Lokey estimates.p.7
2. Nearly a third of LP-led secondaries in 2H 2025 were sold at 90% or more of NAV, with 7% at par or better.p.4
3. More than one in four LP-led transactions were sold for under 80% of NAV.p.4
4. More than four out of five LP-led investors are targeting returns of 1.5x to 1.75x multiple on invested capital.p.5
5. Nine out of 10 investors in single-asset GP-leds target net returns of 2.0x or more.p.5
6. Business Services (74%), Technology (71%) and Healthcare (69%) are the most favored industries.p.6
7. Nine out of 10 active secondary investors are more likely to invest in GP-leds organized by managers with whom they have a strong relationship.p.8
8. North American and European players collectively account for approximately 95% of secondary market participants.p.10