PE Secondaries Market on Track for Record Volume in 2026, Houlihan Lokey Survey Finds

Record Volume Forecast for 2026 The global private equity secondaries market is on track to set a new all-time volume record in 2026, according to Houlihan Lokey's latest LP Compass survey. Of nearly 60 of the world's most active secondary market participants surveyed, 86% expect volumes to exceed 2025's record of $225 billion. The survey paints a picture of a market firing on multiple cylinders: slow LP distributions, growing non-buyout strategies, expanding retail investor vehicles, and new institutional entrants are all contributing to demand growth on the buy side. LP-Led Pricing: A Balanced Market Pricing data from H2 2025 shows a healthy balance between buyer and seller interests: Nearly one-third of LP-led transactions sold at 90%+ of NAV — considered seller-friendly 7% of transactions closed at par or above NAV More than one in four transactions sold below 80% NAV — typical for older or harder-to-sell assets Average LP-led pricing held broadly constant through 2025 despite macro volatility GP-Led Quality Holding Firm Despite rapid expansion in the GP-led segment — which now accounts for nearly half of total secondaries volume — 85% of surveyed investors say deal quality has held firm or improved. Alignment remains the primary screening filter: investors participate only when GP commitments exceed 5% of deal value. Strategy appetite favors identifiable single assets: 42% of investors favor single-asset continuation vehicles or co-investments over blind-pool funds. Sector preferences for 2026 include business services, technology, healthcare, industrials, and financial services. "The picture conveyed is of a balanced market with good opportunities for both buyers and sellers." — Houlihan Lokey LP Compass Survey 2026 Why This Matters for Private Markets A balanced secondaries market at record volumes is structurally positive for the broader private equity ecosystem. It provides LPs with meaningful liquidity options, GPs with tools to manage fund lifecycles, and new investors with access to seasoned private equity exposure. For participants in the Syndikos secondary marketplace, the macro backdrop supports active price discovery and transaction execution across all ticket sizes and asset types entering Q2 2026.