Private markets appear to be nearing an inflection point, presenting both new opportunities and risks. We believe that’s when manager selection matters most.
In this new collection of charts, we continue to track the evolution of private markets and offer key takeaways for investors, including:
- Private equity deal activity is rebounding, and valuations remain attractive relative to public markets. Q3 2025 marked the strongest deal activity in nearly four years, and private deals are trading at deeper discounts to public markets, where concentration in big tech names has increased.
- Aging inventory continues to create opportunities for liquidity providers. While exits and new investments are expected to rise, we believe the current overhang offers a compelling multi‑year opportunity across new buyouts and continuation vehicles.
- We expect wider dispersion of returns. In this environment, we believe investors should consider managers with attractive track records, operational expertise and strong alignment with their LPs.
For a closer look at ongoing shifts within private markets and their potential implications for investors, please click the link to our report below.
You can now read the full whitepaper at the link below
