Campbell Lutyens Secondary Market Report 1H 2026
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The research and related materials in this archive were produced prior to the formation of Lazard CL. They reflect the views, data, methodologies and market perspectives of that firm as at their respective dates of publication, and have not been updated, restated or reconciled following the formation of Lazard CL. Nothing in this archive should be taken to represent the current views of Lazard CL, and it is provided for historical and informational purposes only.
On the heels of our 1H 2026 Secondary Market Flash Report, we are excited to share our Full Report. The detailed paper highlights an increasingly balanced market, with LP-led and GP-led transactions each accounting for 45% of total volume. At the same time, continuation vehicles continue to expand beyond traditional private equity applications, with infrastructure and private credit representing a growing share of GP-led activity. These trends point to a market that is becoming deeper, more sophisticated, and increasingly integral to private markets.
Based on insights from more than 120 of the most active secondary investors, our 1H 2026 report explores the trends shaping the next phase of the market's evolution.
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