The LP Secondary Market by the Numbers: H1 2026, Three Reports Compared
October 29, 2026
Three of the most widely cited secondary market reports put first-half 2026 volume between $118 billion and $124 billion. All three call it a record first half. They disagree on which side of the market led: Jefferies and Evercore say GP-led deals were the majority, while Lazard says LP-led sales were. We put the three reports side by side so LPs can see where they agree and where they differ. If you hold an LP interest, you can create a free LPShares account; listing is free.
What we compiled
We downloaded the original H1 2026 reports from each firm’s own website on October 28 and 29, 2026, and recorded each headline figure exactly as published: Jefferies’ Global Secondary Market Review (July 2026), Evercore’s H1 2026 Secondary Market Review (July 2026) and Lazard’s Interim 2026 Secondary Market Report (August 13, 2026). The ranges below are our own comparison of those published figures. We did not adjust, average or re-estimate any report’s numbers, and we used no LPShares platform data.
Caption: Wall Street, where much of the secondary market research gets read. Photo: Frostly, Wikimedia Commons, CC0.
Summary table: H1 2026 secondary market volume
| Source (date) | H1 2026 total | Change vs H1 2025 | LP-led | GP-led | GP-led share | Full-year 2026 outlook |
|---|---|---|---|---|---|---|
| Jefferies (July 2026) | $118B | +15% | $56B | $62B | 53% | ~$260B |
| Evercore (July 2026) | ~$121B | nearly +20% | ~$56B | ~$65B | 54% | roughly $250B to $260B |
| Lazard (Aug 13, 2026) | ~$124B (estimated) | ~+28% | $63B | ~$61B | ~49% | $275B |
| Range across the three reports (LPShares comparison) | $118B to $124B | +15% to +28% | $56B to $63B | $61B to $65B | 49% to 54% | ~$250B to $275B |
Finding 1: The totals sit within $6 billion of each other
The gap between the lowest and highest H1 2026 total is $6 billion, or about 5% of the lowest figure. That is a fairly tight band for three firms using different data. The growth rates are much further apart, from 15% at Jefferies to about 28% at Lazard, because each report compares against its own estimate of the first half of 2025.
The reports describe their methods differently. Jefferies says its data is based on transactions it executed plus discussions, surveys and research. Evercore draws on its own market dialogue, transactions, a proprietary database, third-party data and a survey of more than 100 secondary buyers. Lazard’s volume figures are estimates based on survey feedback from more than 80 secondary investors. None of the three reconciles its figures against the others, so the totals are best read as a range rather than a single number. For background on why the market keeps growing, see why secondary markets matter and why private market hold periods keep getting longer.
Finding 2: The reports split on who led
Jefferies puts GP-led volume at 53% of the first half and notes it is the first time since 2021 that GP-led deals were the majority. Evercore puts GP-led at 54% of the mix, up from 47% in 2025. Lazard has LP-led sales at about 51% and GP-led at about 49%.
The dollar amounts explain the split. LP-led estimates range from $56 billion to $63 billion and GP-led estimates from $61 billion to $65 billion. Those bands overlap, so a small difference in one segment’s estimate is enough to flip which side reads as the majority. For LPs, the practical takeaway is that both channels were large and active in the first half: LP portfolio sales and GP-led deals such as continuation vehicles each accounted for roughly half of the market in all three reports.
Finding 3: Every full-year outlook points to another record
All three firms expect 2026 to finish above 2025. Jefferies updated its full-year outlook to about $260 billion and says the market is on pace to exceed the 2025 record of $240 billion. Evercore says its seasonality model points to roughly $250 billion to $260 billion. Lazard keeps its full-year prediction of $275 billion. These are each firm’s forecasts, shown as stated; we have not combined them into a forecast of our own, and forecasts may not be met.
What it means for LPs
- Volume is not a price. A record market does not set the price of any single fund interest. Jefferies reports average LP portfolio pricing of about 87% of NAV in H1 2026, but individual outcomes depend on the fund, its assets, its terms and the buyer. We cover how pricing is discussed in GP valuations vs secondary market prices.
- The second half is usually busier. Evercore notes that roughly 55% of annual volume has historically closed in the back half of the year, and Jefferies says the second half has historically been more active. LPs considering a sale often plan around quarter-end closings and GP consent timelines.
- Read the method, not just the headline. When a report cites a single market total, check whether it is transaction data, a survey estimate or a model. The three reports here differ on all three.
- The process is still fund by fund. Transfer rules, GP consent and buyer diligence apply to every sale. Our guide on how to sell an LP interest walks through the steps, and the liquidity gap no one planned for explains why so many LPs are looking at the secondary market. For how an LP sale compares with a GP-led option, see dividend recap vs continuation fund vs LP interest sale.
FAQ: LP secondary market volume in H1 2026
How big was the LP secondary market in H1 2026?
Jefferies reported $118 billion, Evercore about $121 billion and Lazard an estimated $124 billion, a range of $118 billion to $124 billion.
Were GP-led or LP-led deals the majority in H1 2026?
It depends on the report. Jefferies (53%) and Evercore (54%) have GP-led deals in the majority; Lazard has LP-led sales at about 51% and GP-led at about 49%.
What is the full-year 2026 secondary market outlook?
Jefferies says about $260 billion, Evercore roughly $250 billion to $260 billion and Lazard $275 billion. These are each firm’s forecasts and may not be met.
Why do the reports’ growth rates differ so much?
Each firm compares against its own estimate of H1 2025 and uses different data: executed transactions, buyer surveys or models.
What did LP portfolios price at in H1 2026?
Jefferies reports an average of about 87% of NAV. Any single interest depends on the fund, its assets, its terms and the buyer.
Where can I learn more?
See the LPShares FAQs or get a free evaluation of your position.
Next step
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Sources
- Jefferies, “Global Secondary Market Review,” July 2026: https://www.jefferies.com/wp-content/uploads/sites/4/2026/07/Jefferies-Global-Secondary-Market-Review-July-2026.pdf
- Evercore, “H1 2026 Secondary Market Review,” July 2026: https://www.evercore.com/wp-content/uploads/2026/07/Evercore-H1-2026-Secondary-Market-Review.pdf
- Lazard, “Interim 2026 Secondary Market Report,” August 13, 2026: https://www.lazard.com/research-insights/lazard-interim-2026-secondary-market-report/
LPShares is a marketplace for private-market secondaries. It is not a broker-dealer or investment adviser, does not set prices or execute transactions, and does not guarantee liquidity, returns or closing outcomes. Figures are as published by each firm; past market volume and pricing do not indicate any future sale price or liquidity. This is general information, not investment, legal or tax advice.