Industry professionals gathered at PEI Group's NEXUS 2026 summit in Orlando anticipate another record year for secondaries activity. Blackstone Strategic Partners and Dawson executives predict continued LP selling despite improving distributions, as capital calls and distributions maintain a 1:1 ratio.

Ardian executives report that while some LPs sold US-centred portfolios following tariff announcements, this was driven by currency pressures rather than geopolitical concerns. The firm notes growing interest in European opportunities, citing lower valuations and comparable growth to US markets. Management fees on continuation vehicles are expected to decline as buyers achieve greater scale.

Lexington partner Christophe Browne predicts management fees could eventually be eliminated from CV deals, arguing that alignment should come through carried interest structures. ICG Strategic Equity executives support dual-pronged IRR and MOIC hurdles on CVs, noting these investments should execute faster than typical buyouts since they continue existing theses. The industry appears poised for significant structural changes in 2026.