Charting a course for continued growth
Private Funds Group 1H 2026 secondary market report
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Private Funds Group 1H 2026 secondary market report

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
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
GP-led momentum
Continuation vehicles remain a prominent feature of the secondary market as GP-led activity becomes increasingly mainstream
Sector trends
Key themes emerging across sectors and asset types
Platform consolidation
Strategic acquisitions continue to reshape the secondaries landscape as larger alternative asset managers seek scale and specialized capabilities
LP-led market
Robust buyer demand continues to anchor LP-led pricing
Perspectives and outlook
UBS perspectives on the outlook for secondary markets and the evolving liquidity landscape for sponsors and LPs
Please note this report is only available for institutional and professional investors.