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The secondary market continues to gain strategic importance as an increasingly valuable portfolio management tool. Record transaction volume, expanding capital formation, broader investor participation, and increasing transaction sophistication underpin the market's next phase of growth.

Highlights

  1. 01

    Market at a glance

    The secondaries market reached a record USD 117 billion in early 2026, highlighting its continued evolution into a larger and more sophisticated segment of private markets

  2. 02

    GP-led momentum

    Continuation vehicles remain a prominent feature of the secondary market as GP-led activity becomes increasingly mainstream

  3. 03

    Sector trends

    Key themes emerging across sectors and asset types

  4. 04

    Platform consolidation

    Strategic acquisitions continue to reshape the secondaries landscape as larger alternative asset managers seek scale and specialized capabilities

  5. 05

    LP-led market

    Robust buyer demand continues to anchor LP-led pricing

  6. 06

    Perspectives and outlook

    UBS perspectives on the outlook for secondary markets and the evolving liquidity landscape for sponsors and LPs

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With extensive global placement and secondary advisory expertise, PFG delivers tailored fundraising and strategic advisory solutions across a diverse range of private markets asset classes.