Secondaries funds raised $38.8 billion in Q1 2026, marking the second-strongest fundraising quarter on record. The period saw limited influence from large generalist flagship platforms, with only one major program standing out: Partners Group's eighth flagship secured $9 billion against a $6 billion target, leading the quarterly fundraising rankings.

Four debut strategies, including three focused on single-asset credit investments, ranked among the top 10 fundraises. This shift reflects LPs' growing appetite for specialized strategies as they seek greater diversification across asset classes and investment approaches in a challenging market environment with increasing volatility.

The fundraising landscape suggests investors are reallocating capital toward more targeted opportunities rather than broad mandates. Generalist platforms may face pressure to adapt their offerings or risk losing market share to emerging managers with more focused approaches and specialized expertise tailored to specific market segments.