Interim Secondary Market Report 2026

Lazard

Research

22 Pages

Lazard finds the secondary market is becoming a structural liquidity channel rather than a cyclical workaround. First half 2026 volume reached $124 billion, up 28% year over year, while trailing twelve month volume hit $260 billion and GP led buyers entered the second half with $77 billion of dry powder.

Key Takeaways

Secondaries hit records: First half 2026 volume reached $124 billion, up 28% year over year, while trailing twelve month volume climbed to $260 billion.
Single assets dominate: Single asset continuation funds reached 54% of GP led deployment, while 87% of their volume priced above 90% of NAV.
Software faces scrutiny: Technology’s share of single asset continuation volume fell from 27% to 20%, as 86% of investors reported greater software caution.
Source: Lazard Estimates (market volume analysis is based on survey feedback from 80+ secondary investors).
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