Secondaries fundraising reached $50 billion in the first half of the year, marking the second-strongest opening six-month period in six years, according to data from Secondaries Investor. The first quarter accounted for the bulk of activity, driving the strong half-year total.

Fundraising momentum reflects continued investor appetite for secondaries exposure amid portfolio rebalancing and liquidity needs. General partners increasingly use continuation vehicles and tender offers to manage aging assets, while limited partners seek early exits from mature funds.

The $50bn figure underscores the market's resilience despite macroeconomic uncertainty. Industry participants note that deal flow remains robust, with pricing discipline improving after a period of aggressive bidding.

Secondaries Investor's latest fundraising report highlights growing participation from new entrants alongside established managers, suggesting further market deepening ahead.