Private Equity 3 Days

Last updated: July 23, 2026, 8:30 AM ET

Secondaries Market Surges Amidst Evolving Strategies

The private real estate secondaries market is experiencing robust growth, signaling a departure from its historical reputation as a distress-focused strategy. Continuation vehicles are now a prominent feature, indicating a more strategic approach to liquidity and asset management. This trend is also evident in China, where the RMB secondaries market has navigated its first full cycle, presenting both opportunities and risks for investors seeking returns. The broader secondaries market volume has extended its record-breaking run in the first half of the year, with secondaries fundraising surpassing $50 billion in the same period. Evergreen vehicles are becoming more prevalent among secondaries investors, with capital increasingly deployed across a wider array of opportunities. Townsend has successfully raised $2 billion for its real estate secondaries program, already deploying $1 billion with an initial focus on data centers.

AI and Tech Drive Investment and M&A Activity

Artificial intelligence continues to be a dominant force in venture capital, with 10 AI labs joining the Crunchbase Unicorn Board in June, collectively valued at $65 billion. Overall, 60% of global startup funding this year, totaling around $320 billion, has been directed towards rounds exceeding $1 billion. Investors are actively seeking AI-native companies, with European fintech funding heavily influenced by this trend. Dell Technologies Capital emphasizes that AI is reshaping Saa S, and the business model is not headed for extinction. The intersection of science and compute is also a booming area, as evidenced by Dimension Capital's $800 million third fund Dimension Capital’s $800M third fund shows the intersection of science and compute