The private equity secondaries market anticipates a pickup in activity during the second half of 2026, following a volatile first half. Advisers suggest that while initial volume expectations for the year have been tempered by macroeconomic shifts, 2026 could still exceed last year's record performance.

Market participants are projecting transaction volumes to be flat to moderately higher than the $225 billion to $240 billion recorded in 2025. This forecast comes despite recent market turbulence, indicating underlying resilience in the secondaries sector. Dealmakers are closely watching inflation data and interest rate movements, which continue to influence buyer and seller sentiment.

Despite the cautious outlook, the potential for new capital deployment and the ongoing need for liquidity among limited partners suggest sustained deal flow. Investors and fund managers will need to navigate the current uncertain environment to capitalize on opportunities, as the market digests ongoing global economic adjustments.