LGT Capital Partners completed more than US$2 billion in secondary transactions during the first half of 2026, as activity across private equity, private credit and infrastructure markets continued to accelerate despite persistent macroeconomic and geopolitical uncertainty.
The firm completed more than 20 transactions globally during the six-month period, with private equity accounting for the bulk of deployment as general partner-led (GP-led) transactions continued to reshape the secondary market.
More than US$1.5 billion was invested across more than 15 private equity secondary transactions, acquiring stakes in more than 1,400 underlying companies.
Of that total, US$660 million was deployed across eight venture and growth capital transactions, while over US$475 million was invested across five Asia-Pacific deals.
GP-led transactions represented around three-quarters of the firm’s private equity transaction value, with limited partner-led (LP-led) portfolio sales making up the balance, while Europe attracted the largest share of capital, followed by Asia-Pacific and North America.
The firm said venture and growth secondaries had emerged as one of the fastest-growing segments of the market during the first half of the year, driven by growing unrealised value and longer distribution timelines.
Although the segment still represents around five per cent of total secondary transaction volume, it said the opportunity set continued to expand.
LGT Capital Partners also pointed to increasing momentum across Asia, where secondary transaction volumes rose 53 per cent year-on-year in 2025 as liquidity needs increased and the regional private equity market matured.
Despite the growth, the firm said the market remained underpenetrated relative to the size of Asia’s broader private equity sector.
Among the firm’s notable private equity transactions were Locomotive, a multi-asset GP-led continuation vehicle comprising two European mid-market buyout assets; Axis, an Asian LP portfolio focused primarily on venture and growth investments; and Alchemy, a GP-led growth portfolio of AI-native companies.
Private credit also delivered record market activity during the first half of 2026, despite heightened volatility caused by software repricing, rising business development company redemptions and geopolitical uncertainty.
The broader market recorded US$20 billion in transaction volume during the period, more than double that of the corresponding period a year earlier, with GP-led transactions again driving activity.
Against that backdrop, LGT Capital Partners completed more than US$350 million in private credit secondary transactions, focusing primarily on GP-led opportunities and bilateral deals. North America accounted for most deployments, supported by investments in Europe and other regions.
Its largest private credit transactions included Sunray II, involving a first-lien sponsor-backed portfolio acquired through a bilateral process, and Pivot, a structured capital solution providing exposure to a seasoned credit portfolio.
Infrastructure secondaries also remained active as investors continued to seek liquidity solutions and sponsors increasingly used continuation vehicles to manage mature infrastructure assets.
LGT Capital Partners completed more than US$120 million in infrastructure secondary transactions across four GP-led deals, acquiring interests in six projects spanning multiple sectors and geographies.
The firm’s recent infrastructure investments included Ascend, a secondary investment in a global container leasing platform, and Lagopus, a GP-led transaction providing exposure to a value-add digital infrastructure portfolio.
Leave a comment