Sales from fund sponsors, funds of funds and other asset managers rose sixfold year-on-year, according to Landmark Partners' report.
'PE directs' were underwritten at higher target multiples than purchases of stakes in any type of strategy last year, according to Setter Capital.
Secondaries funds have almost quadrupled in average size since 2008, PEI data show.
Average bids for so-called unicorns will fall by 10 percentage points following a year of 'unrealistic' valuations, according to a report by the advisory firm.
Dedicated private equity secondaries vehicles are seeking $10bn less in total than they were this time last year, according to PEI data.
The definition of secondaries is expanding, as large-cap managers use annex fund commitments and other alternative investments to manage assets, according to the investment bank.
The full-year volume dropped below the 2015 record, according to the advisory firm and placement agent.
Average top bids for stakes in infrastructure funds have surged 33% since 2011, according to advisory firm Setter Capital.
The secondaries market had raised $38bn by mid-December, surpassing the previous record set in 2014.
More than half of investors looking to deploy $500m or more access the secondaries market by purchasing stakes, the most popular method, according to a survey by Probitas.
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