The GP-led market has significantly outpaced LP-led volume in the first six months of the year, marking a first in five years. This surge is driven by more than just market volatility, with fundraising and expansion into new asset classes also contributing to the growth.

GP-led transactions reached $62 billion in H1 2026. This represents a substantial 32 percent increase compared to the same period last year. Consequently, GP-led deals now account for nearly 53 percent of the total secondaries volume.

This trend, detailed in Jefferies’ H1 2026 Global Secondary Market Review, highlights a shift in market dynamics, with general partners increasingly leveraging the secondaries market for their own strategic objectives, including capital recycling and portfolio management.