Private Markets: 2025 review, 2026 outlook

Newsletter Review | December 2025

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Private Markets in 2025: A year of gradual normalisation

After years of strong fundraising and performance, both investors and fund managers shifted their focus toward liquidity. Greater interest rate stability, better financing availability, and a rebound of IPO markets supported overall exit activity. Larger transactions led the recovery, with exit values rebounding faster than exit counts. 

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Investor priorities in 2026: Exits and lower cost of capital

Portfolio company exits are set to remain a central focus across Private Markets in 2026. A more functional exit environment is critical to easing portfolio backlogs, supporting distributions, and restarting the fundraising cycle. This depends on attractively priced capital, well-functioning markets, and a stable macro backdrop.

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