‘Trophy’ assets push private markets secondaries to record $121bn

The private markets secondary market hit a historic $121 billion in the first half of 2026, driven by asset managers using continuation vehicles to keep hold of their top-performing "trophy" assets. This surge highlights a strategic shift in how firms manage their prized investments, indicating a growing trend in secondary transactions. The record-breaking figure underscores the continued robust appetite for private equity and venture capital assets, suggesting that the sector remains a key player in the broader investment landscape.