Data Snapshot

A total of 66 CVs were known to have closed in the first half of 2026, up significantly from the 40 logged during the same period last year.

New market entrants are seeking to pre-empt auction processes to ‘differentiate themselves’, according to Lazard’s Kevan Comstock.

Secondaries-focused fundraising totals represented just 4% of private real estate fundraising in 2025, but the strategy continues to attract capital commitments.

AI disruption ‘reverberated’ across both the LP-led and GP-led markets in the first half of the year, according to Campbell Lutyens’ Gerald Cooper.

Adoption of evergreen vehicles is broadening across the secondaries buyer universe, according to a report from Evercore, with this capital increasingly deployed into a broadening set of opportunities.

‘The last several years have been very volatile… The fact that we still saw this record volume is remarkable,’ Jefferies’ Scott Beckelman tells Secondaries Investor.

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

Investors expect the number of tail-end vehicles still holding assets to rise amid ongoing liquidity pressures and difficulties in GPs differentiating themselves.

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

Market participants have a keen eye on fees and expenses related to GP-led deals given many LPAs were not drafted with these transactions in mind.