Lazard Research & Insights
August 13, 2026
Lazard Interim 2026 Secondary Market Report
The 2026 secondary market is driven by sponsors turning to continuation funds and trophy-asset exits for liquidity, matched by buyers with strong fundraising, sharper software underwriting, and growing '40 Act and evergreen capital, signaling a durable, structural market shift.
Lazard 2025 Secondary Market Report
The secondary market just had its biggest year on record. 2025 saw $233 billion in secondary transaction volume—a 53% increase over 2024 and well above the previous peak set in 2021.
Lazard 2024 Secondary Market Report
This year, the secondary market hit a record $152 billion in volume, surpassing the previous high set in 2021.
