Secondary Buyers Expect Another Record Year in 2026

Volume Expectations Stay Elevated Houlihan Lokey’s latest LP Compass survey of 58 major secondary market participants points to another strong year for private-market liquidity solutions. The firm estimates that secondary transaction volume reached roughly $225 billion in 2025, and 86% of respondents expect 2026 to exceed or at least match that level. The survey also suggests pricing remains resilient. Only a small minority of respondents expect prices to decline, while most anticipate stability despite the market’s rapid growth. The main drivers remain familiar: weak distributions, limited IPO activity, more capital dedicated to secondaries, and broader use of the market across credit, infrastructure, and other non-buyout strategies. What the Data Says 86% expect secondary volume to hit new highs in 2026 2025 market volume was estimated at about $225 billion Only 4% of respondents expect pricing to weaken this year Houlihan Lokey said slow distributions and weak exit markets remain the biggest forces pushing more assets into the secondary market. Why This Matters for Private Markets This dataset matters because it frames the market backdrop behind individual transactions. Secondary volume is no longer just rising because of one-off dislocations; it is being supported by structural adoption across strategies and investor types. That combination should keep LP-led and GP-led deal flow healthy, maintain reasonably firm pricing for quality assets, and reward platforms that can underwrite complexity rather than rely only on cheap entry discounts.