Transaction volumes hit $54bn, with around 70% accounted for by funds of more than $4bn in size.
Last year was a record year for secondaries trading with a 10% year-on-year rise, according to estimates from the intermediary.
Private equity and real estate secondaries funds raised more than a combined $38bn last year, driven by Strategic Partners and Goldman Sachs Asset Management vehicles.
Secondaries outstripped the All Funds benchmark over a quarterly period, according to data from the LP association.
Expectations of a change in market conditions during and the funds trading at discounts have led to their popularity, according to Asante Capital Group.
Regional differences are still palpable in attitudes to investing in the strategy, according to sister publication Private Equity International's Perspectives 2018 survey.
A survey conducted by Private Equity International and Montana Capital Partners showed that the direct route is most popular, followed by GP-leds and small secondaries.
Top talent being enticed away by tech unicorns is pushing up salaries in private equity, says search firm Heidrick & Struggles.
Funds that closed this year took on average two months longer to raise than those that closed last year, with the mean fund size slightly up on 2016.
The investment bank's secondaries advisory unit was 'outstanding' amid a difficult quarter for the firm, according to its chief executive.