The Maturing GP-Led Secondaries Market: Growth, Sophistication, and the Rising Bar for Fairness
A record market, led by continuation vehicles
Secondary market volume hit roughly $121 billion in H1 2026 according to Evercore, up about 19% year-over-year and the strongest first half on record. GP-led transactions drove the acceleration, climbing 35% year-over-year to $65 billion and outpacing LP-led volume ($56 billion). Full-year volume is tracking toward $250-260 billion, which would extend a multi-year run (from $103 billion in 2022 to $226 billion in 2025).
Single-asset continuation vehicles (SACVs) are the engine of this growth, now representing 53% of GP-led volume, up sharply from prior years. These deals let sponsors double down on a single high-conviction, cash flow positive asset, and buyers are underwriting them to notably higher returns (around 2.3x target multiples) than multi-asset vehicles or traditional LP portfolio deals, a sign that the market views concentrated, seasoned-asset exposure as genuinely attractive rather than a fallback option.
A few other trends stand out:
- The buyer universe is widening. Dry powder sits around $194
billion, but the more interesting story is who's deploying it, with more than
half of secondary buyers now run an evergreen vehicle. Perpetual capital
is becoming infrastructure for the secondary market, which is expected to
smooth fundraising cycles.
- Pricing is firm. High-quality buyout interests are clearing near 90% of NAV,
and SACVs are pricing at or above NAV in a majority of deals.
- Credit and infrastructure secondaries are scaling fast, each posting
strong year-over-year growth as continuation vehicle structures extend
well beyond traditional private equity.
- Structuring tools are getting more sophisticated. Deferred consideration and "super-carry" (carry above 20% tied to outsized return scenarios) now feature in a meaningful share of GP-led deals, giving sponsors and buyers more levers to bridge valuation gaps and sharpen alignment.
Source: Evercore, H1 2026 Secondary Market Review (July 2026)
Why fairness opinions matter more than ever
Growth and sophistication have come with a corresponding rise in scrutiny and this is where fairness opinions earn their keep. Every continuation vehicle transaction has the same inherent conflict at its core: the sponsor controls both counter parties of a deal, often while resetting fees, carry, and the investment horizon. That conflict isn't disqualifying, but does highlight the need for a well-run transaction process including a fairness opinion from an independent financial advisor.
Independent fairness opinions have become close to a market standard precisely because they address the two things existing investors can't do for themselves: they can't set the price, and they generally can't negotiate the terms. A well-constructed fairness opinion, addressed to the LP advisory committee rather than solely to the GP, gives investors a credible, third-party reference point for evaluating whether the proposed valuation is defensible, provided it's built on transparent methodology and clearly disclosed assumptions where management supplied key inputs.
Market practice increasingly treats fairness opinions as a necessary piece of a broad process-integrity framework that also includes:
- Early, quantified disclosure of the GP's incremental economics (fees, carry reset, rollover terms)
- Full information parity between the LPAC and prospective CV buyers
- Adequate time (typically several weeks) for LPs to review and consult advisors before an election deadline
- Documented consideration of real alternatives, if available (for example, a dual-track process, third-party outreach)
The data bears this out structurally too: sponsor capital at risk in CVs has been trending down (75% of CVs now have sponsor commitments under 5% of investor commitments, versus 42% a few years ago) according to Morgan Lewis, which means alignment increasingly has to come from governance rights, disclosure quality, and rigorous fairness analysis rather than the GP simply having skin in the game.
Source: Morgan Lewis, Annual Continuation Vehicles Report 2026: Perspectives (May 2026)
The bottom line
The GP-led secondaries market isn't slowing down, and continuation vehicles are clearly here to stay as a portfolio management tool rather than a one-off fix. But as volume climbs and deal structures grow more creative, the transactions that hold up, commercially and reputationally, are the ones where fairness opinions and disclosure processes are treated as genuine safeguards for existing LPs, not procedural formalities layered on top of a decision the sponsor has already made.
This is precisely the terrain GA Group's Transaction Opinions & Board Advisory practice is built to navigate. Founded in 1973, GA Group is a global leader in corporate advisory services, supported by over 500 professionals and backed by funds managed by Oaktree Capital Management. We serve a blue-chip client base across financial institutions and corporations worldwide. Professionals in our Transaction Opinions practice have developed fairness opinion expertise through the preparation and issuance of hundreds of opinions involving billions of dollars in transaction value. With decades of experience advising various stakeholders including boards and LPACs, we bring a well-developed transaction opinion process with the ability to adapt to complexities as they arise throughout the deal process. Our opinions facilitate board level decisions that impact shareholder value and provide the highest level of support to demonstrate fiduciary responsibilities.
If you are evaluating a
continuation vehicle or refining your LPAC process, contact GA Group to discuss
how an independent transaction opinion can support a fair, well-governed
outcome.
Sources:
1.
Evercore, H1 2026 Secondary Market Review (July
2026)
2.
Morgan
Lewis, Annual
Continuation Vehicles Report 2026: Perspectives (May 2026)