Secondaries in 2026 and beyond
If 2025 was the rising tide, 2026 may bring the next big crest of opportunity. Backlogs are significantly higher than prior years, signalling strong momentum ahead. After a record-breaking year, expectations point to continued expansion, with LP-led activity climbing and overall secondaries volumes pushing beyond previous highs.
Pricing remains favourable, with high-quality portfolios expected to trade near peak levels. Structural shifts – such as GP-leds dominating pipelines and evergreen vehicles in the wealth channel – are accelerating this wave.
The secondaries market is expected to not only grow but further innovate. AI-driven analytics and predictive pricing models will increasingly become the norm, enabling faster portfolio evaluations and smarter liquidity decisions.
The long-term outlook? Coller Capital founder Jeremy Coller predicts that the secondaries market could grow to $500bn in deal volume by 20301. While the future is uncertain, one thing is clear: this is no passing ripple. When it comes to growth in secondaries, we may be witnessing the start of a powerful and sustained groundswell.
1. Jeremy Coller of Coller Capital (2025, March). How big the secondaries market will become? Secondaries Investor.