Free NewsletterPro Login

Warning: Undefined variable $stocks in /var/www/briefs.co/htdocs/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 448

Warning: foreach() argument must be of type array|object, null given in /var/www/briefs.co/htdocs/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 448

Warning: Undefined variable $funds in /var/www/briefs.co/htdocs/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 472

Warning: foreach() argument must be of type array|object, null given in /var/www/briefs.co/htdocs/wp-content/plugins/oxygen/component-framework/components/classes/code-block.class.php(133) : eval()'d code on line 472
/* the link was here */

Private-Asset Secondary Market Is Headed Toward a Record $250 Billion Year

Published Aug 12, 2026
Share:
Summary:
  • The secondary market for private assets recorded $121 billion in the first six months of 2026, a record pace.
  • Evercore's Nigel Dawn says that puts the full year on track for roughly $250 billion.
  • Demand is driven by limited partners who are not getting the payouts they expected from private equity and need cash.

A Record First Half, Powered by a Cash Squeeze

Private equity is supposed to be a patience game. You commit money, then you wait years for the payoff.

For big investors who need cash sooner, options used to be limited. But there's a side market where investors sell fund stakes to someone else, and it just hit a record.

The secondary market for private assets, where investors buy and sell stakes in private equity funds, recorded $121 billion in the first six months of 2026.

That pace puts the full year on track for $250 billion, says Nigel Dawn, Evercore's global head of private capital advisory.

Dawn spoke to Bloomberg TV on August 12, 2026, and he says this is not just a busy stretch. It's a structural shift, driven by big institutional investors who are not getting the cash they expected from their private equity portfolios.

When those payouts fall short, the institutions that put money into private funds, known as limited partners, turn to the secondary market to raise cash. Even after that burst, secondary trades represent only about 2% of private assets held around the world.

That leaves a lot of room to grow. "The secondary market is core market infrastructure right now," Dawn said.

Get the free Always Be Buying eBook and learn the simple system for building wealth on any income

GP-Led Deals Take the Lead, and Software Gets Picky

Inside the secondary market, the balance of power has shifted. Deals led by the firms that manage private equity funds, called general partners, now lead the market over deals led by limited partners.

General partners are using something called single-asset continuation vehicles to hold on to companies they think still have room to run. These structures let them move a prized asset into a new fund so they can keep betting on its growth.

Software-focused continuation deals had dropped sharply, but now they're recovering. Investors are being far more selective, and they're favoring vertical software built for a specific industry, where AI is an enabler rather than a threat.

Horizontal software, the kind built to serve everyone, is getting more scrutiny. The worry is that AI could disrupt its pricing and business model.

"Investors have had time to analyze which business models are reliable to be durable and which are likely to be challenged," Dawn said.

Plenty of Capital, and the Market Coming Back

In the broader buyout market, pricing has largely normalized. Roughly 90% of the latest valuations now serve as the effective deal price.

Dawn sees that as a sign buyer demand and seller expectations are back in balance. "The market is coming back," he said.

Evercore projects another $150 billion in secondary-market fundraising in the second half of 2026. Dawn says capital is not the constraint.

"Our sense is there is enough capital available," he said. The main brake on growth is the process of raising new funds, known as capital formation, not a shortage of assets for sale.

What does that mean for your portfolio? The secondary market is where private funds get a price check, and those prices become benchmarks when private companies eventually reach public markets.

The same AI debate playing out here, about which software businesses are durable and which are vulnerable, is also playing out in public software stocks. The difference is that private investors are backing their views with real cash, which tends to make the conclusion a bit more honest for anyone sizing up the software names in their own portfolio.

For investors in public stocks, the private market is a preview. The AI winners and losers get sorted out earlier here, and the prices paid in these deals often show up later in public market valuations.

Download the free Always Be Buying eBook and start putting your money to work today

Disclosure

Recent News

1 2 3 … 90

Get Market Briefs delivered to your inbox every morning for free!

No fluff. No noise. No politics. Just finance news you can read in 5 minutes.

Blogs

September 30, 2026
Dividend Investing vs. Growth Investing: Why the Slower Portfolio Can End Up Bigger
  • "What stock should I buy?" is the wrong first question. Growth, income, or wealth preservation comes first, and the goal changes which stocks even make sense.
  • At $500 a month for 30 years, 13% growth builds about $1.75 million. 10% growth plus a reinvested 4% dividend builds a little more than $2.2 million and pays a little more than $80,000 a year.
  • Income investors have US dividend ETFs, REITs, and international dividend funds to study. Growth investors have the Nasdaq 100, AI and chip funds, and small caps. None of it is a recommendation.
Read More
September 29, 2026
Why Is Gold Going Down? A 5.2% Treasury Yield Just Took Its Job
  • President Trump rejected Iran's deal to reopen the Strait of Hormuz, oil prices jumped back up, and gold fell instead of rising.
  • Treasury yields hit their highest level in more than 20 years, so investors sold gold and bought Treasuries that pay interest.
  • Higher Treasury yields make the national debt, mortgages, car loans, and credit cards more expensive, with the Fed's next rate decision due October 28.
Read More
September 28, 2026
The Strategic Bitcoin Reserve: Why the Government Wants Bitcoin to Explode
  • The US government holds about 328,000 Bitcoin, worth roughly $25 billion, and since a 2025 executive order it keeps seized coins instead of selling them.
  • Washington wants a bigger pile of assets so its $40 trillion national debt looks smaller next to them, which lets it keep borrowing and spending.
  • Bitcoin's wild price swings, and a government holding a coin built to escape governments, are the two risks investors need to watch.
Read More
September 25, 2026
BRIEFS EXCLUSIVE: 43% Of Respondents Say Bills Outran Their Income Over Past Two Years
  • 43% of the 494 Market Briefs readers surveyed said their bills grew faster than their income over the past two years, even though 79% could cover a surprise $5,000 expense tomorrow.
  • Half of readers own gold or crypto, the two classic bets against a weaker dollar, and only 13% bought nothing at all in the last 12 months.
  • The median reader says it takes $150,000 a year to feel financially secure, about $62,000 above the U.S. median household income.
Read More
September 25, 2026
The Economy Is Booming. So Why Did Stocks and Bonds Fall Together?
  • S&P Global says the US economy is growing at its fastest rate since 2021, with corporate profits up 28.9% in a year, almost four times the historical average.
  • Stocks and bonds fell at the same time, which is not how the two markets normally behave, because Treasury yields above 5% now compete with stocks for investors' money.
  • Jaspreet Singh lays out three ways to invest through a shift like this: always be buying, buy the crash, or follow the money before it hits the headlines.
Read More
September 24, 2026
The 2026 Economic Reset Is Starting: Are We in a Recession, or Is the Pain Still Ahead?
  • The Federal Reserve has flipped from stimulating the economy to fighting inflation with higher interest rates, while the White House still wants growth at almost any cost.
  • The national debt tops $40 trillion, has outgrown the entire U.S. economy, and its interest payments are now the government's fastest-growing expense.
  • Higher rates bring pain for private equity, private credit, and speculative assets, but they open opportunities for investors holding cash, treasuries, and value assets.
Read More
September 23, 2026
Are We in a Recession? Without AI, America Might Already Be in One - and Washington Knows It
  • The White House attributes about three quarters of U.S. economic growth to AI, and many believe the economy would already be in a recession without it.
  • Washington has three reasons it cannot let the AI boom slow down: staying the world's superpower, outgrowing $40 trillion in national debt, and protecting a government stock portfolio worth billions.
  • Every market goes through booms and busts, and investors who understand the cycle get to buy the downturn instead of panic-selling with the crowd.
Read More
September 22, 2026
Will Interest Rates Go Down in 2026? Where the Money Moves Either Way
  • The Fed is leaning toward higher rates to fight 4% inflation, while the White House and a cracking job market push the other way.
  • If rates rise, money has tended to move toward short-term Treasuries, floating-rate loans, energy, banks and dividend payers.
  • If rates fall, it has tended to move toward gold, silver and Bitcoin, real estate, small caps, the S&P 500 and speculative bets.
Read More
September 21, 2026
How the Federal Reserve Makes Money - and Why It Just Posted Its Biggest Loss Ever
  • For 109 years the Federal Reserve created money, lent it to the U.S. government and handed the interest it collected back to Washington - almost $1 trillion in the decade starting in 2011.
  • Pandemic-era lending locked the Fed into earning about 2% on trillions of dollars while it now pays banks around 4%, producing a record loss of hundreds of billions in 2026.
  • The Fed covers its losses by creating money and the government covers its lost revenue by borrowing, and both feed the inflation that eats at the dollars in your account.
Read More
September 18, 2026
Kevin Warsh Just Defied Trump: What the Fed Rate Hike Means for Your Money
  • The Fed raised rates for the first time since 2023 in a unanimous vote led by Kevin Warsh, the chairman President Trump appointed to cut them.
  • Higher rates make the $40 trillion national debt, business loan resets and mortgages more expensive, but they strengthen the dollar and pay investors holding cash.
  • The war with Iran is pushing up oil, grocery and chip prices, another hike is likely in 2026, and recession talk is about to get louder.
Read More
1 2 3 … 28
Share via
Copy link