2026-03-26
Secondaries Set to Top $225 Billion as Pricing Holds Firm
A March market survey cited by Alternative Credit Investor said private-markets secondaries volume is expected to exceed $225 billion in 2026, supported by slow distributions, muted exit markets, and expanding activity in credit and infrastructure. Notably, 96% of respondents expect LP-led and GP-led pricing to remain stable or improve, signaling resilience even as market breadth widens.
Market Forecast Alternative Credit Investor reported on Houlihan Lokey survey data showing that private-markets secondaries volume is expected to surpass $225 billion in 2026. The forecast follows record activity in 2025 and reflects a market that is expanding beyond traditional buyout portfolios. Respondents cited slow distributions, weak M&A and IPO exit conditions, and rising activity in non-buyout strategies such as infrastructure and private credit as the main drivers of expected growth. What Buyers Are Saying 81% pointed to slow distributions as a key driver of secondary volume. 71% cited the lack of M&A and IPO exits. 69% highlighted growth in non-buyout strategies such as private credit and infrastructure. 96% expect LP-led and GP-led pricing to be stable or stronger in 2026. Houlihan Lokey’s Matt Swain said the market is benefiting not only from temporary dislocation, but also from long-term structural growth drivers. Pricing and Product Breadth The combination of high expected volume and stable pricing matters. It suggests the market is deepening fast enough to absorb more supply without a broad repricing lower, particularly as new pools of institutional and retail-oriented capital enter the space. It also confirms that secondaries are no longer just a private-equity rebalancing tool. They are becoming a multi-strategy liquidity layer across credit, infrastructure, growth, and other private assets. Why This Matters for Private Markets For allocators, a $225 billion-plus market with relatively stable pricing makes secondaries look less cyclical and more structural. That is important for portfolio construction, because it increases confidence that liquidity can be sourced even in sluggish exit environments. For platforms and intermediaries, the message is clear: market growth is no longer coming only from distressed sellers. It is increasingly coming from product innovation, broader asset coverage, and the normalization of secondary liquidity as part of private-market portfolio management.