Concerns are growing over economic activity, political tension and policy uncertainty in the U.S., creating a challenging investment environment. Headlines throughout 2025 and so far in 2026 underlined this uneasiness; foreign investors were reportedly leaving U.S. markets in droves amid currency volatility and tariff-driven fears, possibly spelling the end of U.S. exceptionalism as we know it. Adding to these doubts is the spectre of an increasingly deglobalized world.
For much of the past decade, emerging markets (EM) were viewed primarily as a high-beta extension of global growth. Allocators tended to treat the asset class as cyclical exposure, sensitive to dollar strength, commodity swings, and Federal Reserve policy shifts.
We believe private equity’s lower mid-market is rich with opportunity, yet it remains inconsistently defined. Investors exploring the segment in search of improved returns are faced with varying interpretations of what the lower mid market encompasses.