"The last several years have been very volatile... The fact that we still saw this record volume is remarkable", Jefferies' Scott Beckelman tells Secondaries Investor. Secondaries transaction volume continued to break records in the first half of the year as buyers remained eager to deploy capital amid persistent macroeconomic volatility.

Transaction volume reached $118 billion in H1 2026, surpassing the prior H1 record of $103 billion set last year, according to Jefferies' latest Global Secondary Market Review published today. The sustained appetite from buyers highlights the resilience of the secondary market despite ongoing economic uncertainty. Market participants note that the record volumes reflect a structural shift in how limited partners manage portfolio liquidity and how general partners approach fund restructuring.