The GP-led secondaries market reached unprecedented heights in 2025, with transaction volume surging to approximately $106 billion, according to an Evercore report. This record-breaking activity reflects growing institutional interest in secondary fund transactions as investors seek liquidity and portfolio optimization opportunities.

Secondaries Investor's Global Market Survey 2026, conducted in partnership with Goodwin, reveals strong optimism among market participants. Survey findings indicate 86 percent of respondents expect deal volume to increase further this year, suggesting continued momentum despite diverging opinions on valuations and alignment.

Market participants hold differing views on transaction rationale, pricing methodologies and sponsor alignment practices. These divergent perspectives highlight the complexity of GP-led transactions, where sellers and buyers must navigate competing interests to execute successful deals.