Insights

Private markets outlook: liquidity and secondaries in 2026

May 3, 2026

Written by

Ramon Bondin

CEO

Secondary activity has remained a talking point for limited partners seeking optionality without disrupting long-term program design. Managers report more structured conversations around tender offers and strip sales than in the prior cycle.

At the same time, primary fundraising windows have lengthened for certain strategies, particularly where macro uncertainty intersects with bespoke due diligence requirements. Operational readiness—data rooms, reporting, and audit trails—continues to differentiate providers.

We expect these themes to persist through the year. This article summarises informal market colour gathered from clients and does not recommend any particular transaction structure.

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