The $233bn Secondaries Boom

The private equity secondaries market has reached a new phase of maturity. With $233bn in transaction volume and growing participation across GP-led and LP-led deals, secondaries is no longer a niche liquidity solution, it is now a core part of private markets strategy.

This shift is being driven by:

The rise of continuation vehicles as a standard GP tool
Growth in Infrastructure, Private Credit, and Venture Secondaries
Expansion of retail and evergreen capital into Private Markets
Stronger pricing dynamics, encouraging first-time LP sellers

For professionals considering a career in secondaries, this evolution is creating a significant opportunity.

Why Private Capital Advisory careers are attracting senior talent

Private Capital Advisory (PCA) is emerging as a natural next step for professionals looking to:

Move closer to capital allocation decisions
Work on more complex and multi asset transactions
Build deeper client relationships earlier in their careers

As the market evolves, secondaries recruitment trends are shifting.

As the market matures, firms are no longer focusing on hiring juniors to learn the ropes, they are hiring experienced professionals who can operate immediately at a senior level. This is a fundamental change moving into 2026, and a accerlation from what we observed in 2025.

2026 is a different market

The evolution of secondaries is now more than just volume.

Continuation vehicles are now mainstream, with most GPs having completed at least one
Infrastructure, Private Credit and Venture Secondaries are growing rapidly
New capital sources, including retail and evergreen vehicles are expanding the buyer universe
Pricing has strengthen, encouraging first time sellers.

As we discuss in our recent report, the role of PCS professionals has evolved from execution support to high trust, senior advisory across increasingly complex mandates.

The role of AI in Private Equity and Secondaries

Whilst AI is improving Data Processing, Portfolio Analysis, Screening and Benchmarking, it is increasing the value in human judgement and not replacing it.

Success in Private Capital Advisory depends on:

Structuring complex GP-Led solutions
Managing LP dynamics and pricing tension
Navigating macro-sensitive environments
Building credibility with sophisticated counterparties

Which are not automated tests, the are judgement heavy decisions.

VP Inflection Point in Secondaries Careers

Expectations change at VP level, including:

Running deals end-to-end
No longer analysing assets, you are thinking at Portfolio and Fund level
No longer executing mandates but originating them

With the above and as the Secondaries market scales, firms are starting to reply on people who can independently manage GP and LP led processes, engage credibly with buyers and sponsors and bring a clear specialism. This is where we are seeing a growing pull of talent into PCA.

Why Secondaries is not a sidestep from Private Equity

A common misconception is that moving into secondaries is a ‘sidestep’. The reality is that compensation is now highly competitive with traditional Private Equity and M&A roles, deal exposure is broader across asset classes and structures, client interaction comes earlier and long term trajectory into senior leadership is more established.