Blackstone Forecasts Record Exits and Secondaries Volume for 2026 as Apollo and Goldman Close Major Transactions

Blackstone: 2026 Will Be a Record Year for Secondaries Blackstone President and COO Jonathan Gray and other senior leaders have publicly forecasted that 2026 will mark a record year for both exit activity and secondary market volume. The firms Strategic Partners secondaries platform — one of the largest dedicated secondaries managers globally — is expected to be a primary beneficiary as GP-led and LP-led deal flow continues to accelerate. Blackstones forecast aligns with broader industry data: the secondary market has grown from approximately $60 billion in 2020 to a projected $240+ billion in 2026 , a four-fold expansion in six years. Apollo and Goldman Sachs Close Major Year-End Transactions This week, Goldman Sachs Asset Management (GSAM), Apollo Global Management, and Blackstone all confirmed the closing of major transactions that were announced in late 2025: Goldman Sachs / Boyd Gaming: A significant structured credit and equity transaction in the gaming and hospitality sector Apollo / Real Madrid: A landmark sports infrastructure financing arrangement, part of Apollos expanding real assets and sports strategy Blackstone / Alexander & Baldwin: A real estate transaction adding to Blackstones BREIT and core-plus real estate portfolio A $550 million CLO also closed, reflecting continued strong demand for structured credit products KKR and Apollo Navigate Market Volatility Earlier in March, KKR and Apollo shares saw double-digit declines amid broader market volatility and a liquidity panic driven by macro uncertainty. However, both firms have since stabilized, and deal activity has resumed at pace. The episode underscores the tension between public market sentiment and private market fundamentals — a dynamic that creates secondary buying opportunities for long-term investors. "The exit environment is meaningfully improving. We expect 2026 to be the year where distributions finally catch up to commitments." — Blackstone leadership, Q4 2025 earnings Why This Matters for Private Markets When Blackstone — the worlds largest alternative asset manager — publicly forecasts a record secondaries year, it sets expectations for the entire industry. Institutional LPs will interpret this as a signal to accelerate their own secondaries programs, while GPs will gain confidence to bring more continuation vehicle and structured liquidity transactions to market. The combination of closing major deals across GSAM, Apollo, and Blackstone in a single week signals that the largest players are moving simultaneously — a powerful indicator of broad market momentum heading into Q2 2026.