Mauro Pfister, Managing Director Secondaries, was featured in Private Equity Wire's recent Global Outlook 2026 Report.
The global private equity secondaries market is positioned for continued expansion, supported by a growing pool of potential assets as private equity NAV has accelerated across strategies - particularly in the US and Europe.
After five years in which LP- and GP-led volumes have grown at broadly similar rates, the outlook is that GP-led activity will begin to outpace LP-led transactions by 2026, becoming a larger share of overall deal flow.
With distributions having slowed since 2022 and NAV growth expected to be steady at best, the market's next leg of growth is likely to come from greater adoption and deeper penetration of secondaries among LPs and GPs. Large, well-capitalised funds are expected to lean further into GP-led solutions as they seek scalable deployment, while GPs use these transactions to retain high-performing assets and support fee economics.
Looking into 2026, pricing discipline and selectivity are expected to remain key - particularly given that dry powder is concentrated in larger vehicles - while improved pricing and abundant deal flow could make the smaller end of the market increasingly attractive over time.
You can read the full report, clicking here.