Secondaries in 2026

Our Secondaries in 2026 report examines how liquidity constraints, investor demand for DPI, and growing GP- and LP-led activity are supporting secondaries across private equity and infrastructure

• With the exit environment top of mind, investor interest in secondaries has grown

• Private equity secondaries are fundraising faster than primaries. The median 2025-vintage secondaries fund spent 12 months in market and reached first close after three months, versus 15 months and four months respectively for primaries

• Cash flow turns positive for the median private equity secondaries fund two years before the equivalent primary fund

• Infrastructure secondaries are emerging as a growing but still underpenetrated segment of private markets, representing a 2% share of infrastructure AUM