AI disruption 'reverberated' across both the LP-led and GP-led markets in the first half of the year, according to Campbell Lutyens' Gerald Cooper. Secondaries investors have increasingly embraced more concentrated deals in the past few months as macroeconomic uncertainties and market disruptions drive demand for high-conviction deals.

Total transaction volume reached $120 billion in the first half of the year, with LP-led and GP-led deals each accounting for 45 percent of the market, according to Campbell Lutyens' 1H 2026 Secondary Market Flash Report, shared exclusively with Secondaries Investor.

The report highlights how AI-driven disruption is reshaping secondary market dynamics, pushing investors toward higher-conviction, more concentrated portfolios. This shift reflects broader caution amid volatile macro conditions, with both LP-led and GP-led segments showing equal strength. The data underscores a maturing secondary market where selectivity and conviction are becoming paramount for deal execution.