If there's one area in the private markets that's really shaking things up, it's the evergreen funds.
In a year where the cockroach became synonymous with private credit and the threat of a credit bubble became the prevalent force, we say think again.
You’ve seen the secondary market’s staggering growth. Did you also notice how balanced the market has been between LP and GP-led secondaries? This raises some questions.
AI investing in private markets is booming, with early-stage VC pouring in and revenue scaling fast, making AI adoption the next big divider between winners and laggards.
AI now dominates public markets, with a few mega-caps driving performance and creating major concentration risk tied to the LLM story.
No surprise, we have a lot to say about purchase price multiples – and it’s not because we think they are going down.
Investing is the one area holding steady, with 2025 activity near peak levels and AI reviving venture, while longer deployment times hint that buyout and credit may be entering a more attractive window.
Valuations are holding firm as buyers move up and multiples expand, signaling that pricing, not delusion, isn’t what’s blocking exits.
Only a small share of funds are generating meaningful exits, GPs expect limited
near-term activity and weak markups plus longer holds are all factors keeping distribution pressure high.
Distributions remain the top investor concern, with PE liquidity stuck below historical norms for a fourth year, leaving 2026 hopes possible but muted.
Let’s consider the probability of persistent fund performance. In other words, if a manager outperforms can they do it again…
Looking at how different deals in the buyout sectors have performed in each vintage year, we have a plot twist nobody saw coming: energy & utilities.
Have we reached the end of an era? Has private equity outperformance come to an end? Not so fast. Let’s add some context.
No, we can’t predict the future, but we can make a pretty compelling case of what the odds are for the future course
of prices.
PE is lagging while public markets sit at record highs, driven by the Mag‑7 and short‑term FX noise. History says this gap snaps back rather than remain extreme.
Explore the key themes shaping our 2026 Market Overview as we open the boxes influencing today’s private markets,
revealing a mix of risks, surprises and emerging opportunities.
Liquidity & Investment Activity
Performance
Inside Pandora’s Box
Evergreen Funds
Credit
Secondaries
Artificial Intelligence
If there's one area in the private markets that's really shaking things up, it's the evergreen funds.
Secondaries
No surprise, we have a lot to say about purchase price multiples – and it’s not because we think they are going down.
Investing is the one area holding steady, with 2025 activity near peak levels and AI reviving venture, while longer deployment times hint that buyout and credit may be entering a more attractive window.
Valuations are holding firm as buyers move up and multiples expand, signaling that pricing, not delusion, isn’t what’s blocking exits.
Distributions remain the top investor concern, with PE liquidity stuck below historical norms for a fourth year, leaving 2026 hopes possible but muted.
Only a small share of funds are generating meaningful exits, GPs expect limited
near-term activity and weak markups plus longer holds are all factors keeping distribution pressure high.
AI now dominates public markets, with a few mega-caps driving performance and creating major concentration risk tied to the LLM story.
AI investing in private markets is booming, with early-stage VC pouring in and revenue scaling fast, making AI adoption the next big divider between winners and laggards.
You’ve seen the secondary market’s staggering growth. Did you also notice how balanced the market has been between LP and GP-led secondaries? This raises some questions.
Credit
Liquidity &
Investment Activity
Artificial Intelligence
In a year where the cockroach became synonymous with private credit and the threat of a credit bubble became the prevalent force, we say think again.
Evergreen Funds
Let’s consider the probability of persistent fund performance. In other words, if a manager outperforms can they do it again…
Looking at how different deals in the buyout sectors have performed in each vintage year, we have a plot twist nobody saw coming: energy & utilities.
Have we reached the end of an era? Has private equity outperformance come to an end? Not so fast. Let’s add some context.
No, we can’t predict the future, but we can make a pretty compelling case of what the odds are for the future course
of prices.
PE is lagging while public markets sit at record highs, driven by the Mag‑7 and short‑term FX noise. History says this gap snaps back rather than remain extreme.
Performance
Inside Pandora’s Box
Explore the key themes shaping our
2026 Market Overview as we open the boxes influencing today’s private markets, revealing a mix of risks, surprises and emerging opportunities.
