Secondaries Investor will debut its inaugural Global Market Survey next week, aiming to untangle divergent views on market alignment despite consensus about growth. While transactions and fundraising figures rose last year, sentiment remains fragmented, with no clear consensus on strategic direction. The survey, developed with Goodwin, will gauge perspectives from institutional investors, managers, and intermediaries to map the market’s evolving priorities.

The firm’s data shows secondaries activity surged in 2023, driven by liquidity needs and portfolio rebalancing. However, opinions diverge on whether alignment—defined as strategic fit between buyers and sellers—will improve or worsen. Some argue tighter spreads and clearer valuations could streamline deals, while others warn of lingering inefficiencies. This disconnect highlights challenges in predicting how capital will flow amid shifting market dynamics.

Market alignment matters because it directly impacts deal velocity, pricing, and investor confidence. A misaligned market risks prolonged negotiations, inflated valuations, or missed opportunities—issues the survey seeks to quantify. By analyzing responses from 200+ participants, Secondaries Investor hopes to provide actionable insights for navigating the sector’s complexities.

The survey’s findings, expected in late April, could reshape how stakeholders approach secondaries strategies. For now, the lack of unified sentiment underscores the market’s unpredictability—a reality investors must confront head-on.