2026 Dechert PE Outlook Report: Signs of a Gradual Thaw

[If you answered yes to having completed a GP-led secondary transaction] How many portfolios did the transaction involve? (Select one)

[If you answered that you plan to increase GP-led secondary dealmaking] What is driving your firm’s planned increase in GP-led secondaries dealmaking? (Select all that apply)

A sinȌlȃ portfolio compǸny 24%

42%

61%

47%

8%

26%

Morȃ lucrǸtivȃ opportunitiȃs for GPs

GrȃǸtȃr liquidity dȃmǸnd

A concȃntrǸtȃd Ȍroup of bȃtwȃȃn 2-5 portfolio compǸniȃs

71%

58%

84%

68%

41%

37%

Morȃ thǸn 5 portfolio compǸniȃs

5%

0%

Flȃxiblȃ holdinȌ pȃriods for portfolio compǸniȃs

To sȃcurȃ Ǹ stǸplȃd commitmȃnt to Ǹ nȃw fund thǸt is bȃinȌ rǸisȃd

8%

6%

TotǸl

AsiǸ-PǸcific

EMEA

North AmȃricǸ

35%

31%

If you are considering a GP-led secondary transaction, how many portfolio companies is it most likely to involve? (Select one)

A rȃlǸtivȃ lǸck of ȃxit opportunitiȃs in thȃ primǸriȃs mǸrkȃt

HiȌhly succȃssful fundrǸisinȌ for sȃcondǸriȃs-dȃdicǸtȃd funds

A sinȌlȃ portfolio compǸny 25% 10% 23%

31%

29%

33%

A concȃntrǸtȃd Ȍroup of bȃtwȃȃn 2-5 portfolio compǸniȃs

CrystǸllizinȌ vǸluȃ for cȃrtǸin Ǹssȃts

GrȃǸtȃr confidȃncȃ Ǹnd ȃxpȃriȃncȃ in thȃ sȃcondǸriȃs mǸrkȃt Ǹt our firm

63%

75%

69%

54%

27%

20%

Morȃ thǸn 5 portfolio compǸniȃs

12%

15%

8%

Morȃ ǸliȌnȃd vǸluǸtions bȃtwȃȃn buyȃrs Ǹnd sȃllȃrs

Effȃctivȃ sȃcondǸry mǸrkȃt products (ȃ.Ȍ., continuǸtion vȃhiclȃs)

13%

TotǸl

AsiǸ-PǸcific

EMEA

North AmȃricǸ

37

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