Report

Engineering Liquidity: Secondaries in 2026

How firms are scaling, structuring and competing in a complex market

The global secondaries market is transitioning from a liquidity solution to a strategic tool for portfolio control and value creation. As volumes surge and structures grow more complex, firms must rethink how they price, operate and scale.

Major trends influencing the growth and competitive landscape of secondaries worldwide.
How GP-led deals, credit and retail access are changing the market
Why data, AI and operational scale now define winners