Private equity secondaries activity is on track for another record year despite macroeconomic headwinds, according to PJT Partners' Adrian Millan. Speaking at the NEXUS 2026 conference in Orlando, Millan said the market is processing a revaluation of technology and software sectors amid AI concerns. The firm projects $275 billion in secondaries volume for 2026, matching last year's record pace.

Millan noted that geopolitical uncertainty pushed many deals originally slated for year-end 2025 into the first quarter of 2026. This acceleration reflects how liquidity concerns and M&A market health remain top priorities for investors. The upcoming US midterm elections in the second half of 2026 are also shaping how buyers evaluate opportunities.

The secondaries market continues to provide flexibility for limited partners and general partners to proactively manage their portfolios. While some uncertainty exists about whether the current window will remain open as bid-ask spreads potentially shift, PJT Partners remains confident in the sector's resilience. Millan emphasized that secondaries buyers are closely monitoring these dynamics as they navigate the evolving landscape.