The global private equity secondary market is poised for continued growth as private equity NAV expands across strategies, particularly in the U.S. and Europe. After five years of similar growth in LP- and GP -led activity, GP-led transactions are expected to outpace LP-led volumes from 2026 and represent a larger share of overall deal flow. Slower distributions since 2022 and steady NAV growth are driving greater adoption of secondary solutions among both LPs and GPs, with large, well-capitalized funds increasingly favouring GP-led structured to retain high-performing assets and enhance fee economics. Looking ahead, disciplined pricing and selectivity are likely to remain crucial, while attractive deal flow and improved pricing dynamics could boost opportunities across the market, including at the smaller end.