GP-led secondaries transactions are expected to gain significant momentum in Asia-Pacific in 2026, according to industry experts. While LP-led deals dominated headlines last year, Gregory Barclay of Goodwin predicts GP-led structures will account for a larger share of exits as more general partners and limited partners understand their benefits. The shift comes as pricing expectations align and market optimism grows.

APAC sellers represented 14 percent of all LP-led sellers in H1 2025, up from 8 percent the previous year, according to Evercore's market review. However, GP-led deals in the region remain nascent, with only 3 percent of underlying companies in H1 2025 based in APAC. Christian Keiber of Aquilius Investment Partners expects a balanced 50:50 mix between LP- and GP-led transactions in 2026, with GP-leds gradually increasing to 50 percent of the market.

China, India, and Australia will remain the most active markets for GP-led transactions, while Japan has seen limited new dealflow despite notable developments like J-STAR's multi-asset continuation vehicle. Mingchen Xia of Hamilton Lane notes that strong performance hasn't translated into higher pricing in the secondary market due to limited capital supply dedicated to the region. The rebound in Hong Kong and mainland China public markets in 2025 has bolstered investor confidence, supporting increased activity in the secondaries market.