Secondaries, CRE debt, and infrastructure emerge as top picks as valuations reset and manager selection becomes critical.

Private capital hits $22T as investors flee broken stock-bond correlation; Q3 2025 PE deals reach highest since Q4 2021.

PitchBook's 2026 US Private Equity Outlook forecasts continued consolidation of fundraising power among top firms and a strategic return to platform LBOs, expected to capture 25% or more of deal activity as financing conditions improve. Through October, platform LBOs accounted for $525.3 billion in deal value—the highest since the 2021 peak.

Private markets found their liquidity release valve in 2025. With distributions frozen at post-crisis lows and $2.9 trillion in unsold assets choking the system, the secondary market exploded to over $200 billion in annual volume—transforming from a niche corner of private equity into essential infrastructure for the entire industry.

Private markets emerged from a three-year fog in 2025—but into an environment of radical transformation rather than simple recovery. Global buyout dealmaking hit $2 trillion (+14% YoY), the third-most-active year on record. For the first time since 2015, distributions to LPs finally exceeded capital contributions. Yet underneath these headline numbers, the industry confronted existential questions about its business model, investor base, and relationship with regulators.

BlackRock sees private markets transform from alternative to essential as new structures reshape 50/30/20 portfolios.

According to Goldman Sachs Asset Management's 2025 Alternatives Summit, corporate M&A volumes in 2025 are expected to match 2021 levels, with IPO markets showing significant recovery despite earlier tariff impacts. The October gathering brought together leaders including former Treasury Secretary Steven Mnuchin and former UK Prime Minister Rishi Sunak, who delivered a stark warning that the next decade will be "the most dangerous and transformational of our lifetime."

Marc Nachmann, global head of asset and wealth management at Goldman Sachs, sat down with CNBC's Leslie Picker at the firm's alternatives conference in New York to discuss how Goldman quietly built a $542 billion alternatives powerhouse over three decades—and why the coming credit cycle will create clear winners and losers in an asset class that has grown explosively during a period of relative calm.

Secondaries now drive 71% of VC exits as firms adapt to longer hold periods and seek strategic liquidity options.

Must Know: Private Credit Surges as Traditional Asset Managers Struggle to Keep Pace Bottom Line:  Private credit firms are rapidly...

Private equity firms sold $41bn of companies back to themselves in H1 2025 as exit routes stay blocked. With $3tn in stranded assets and rising "zombie fund" predictions, firms turn to continuation vehicles while pension funds retreat from private credit amid quality concerns and regulatory scrutiny intensifies globally.

Jenny Johnson warns that alternatives managers have largely saturated institutional markets and are now aggressively targeting the wealth channel, creating both opportunities and risks for individual investors.

UK private capital adapts to exit constraints with US investment surge and secondary market growth reshaping liquidity strategies.

The private equity secondary market shattered records in 2024, reaching $160 billion in transaction volume as limited partners and general partners turned to alternative liquidity solutions amid a prolonged distribution drought. According to StepStone Group's August 2025 report, the first half of 2025 has already seen $102 billion in transactions, putting the market on track to break last year's record again.

Ares Management Corporation posted second-quarter results that demonstrated resilience amid market disruption, delivering record quarterly fundraising of $26.2 billion and assets under management growth to $572 billion. The alternative investment manager navigated tariff-related volatility that temporarily slowed transaction activity in April and May while successfully integrating its GCP International acquisition, which contributed $103 million in revenues during its first f

Credit secondaries surge 70%+ annually as continuation vehicles become mainstream solution for GP-led liquidity needs.

Private credit secondaries are experiencing explosive growth as the broader $1.7 trillion private credit market creates unprecedented liquidity demands, with deal flow surging from $5-7 billion five years ago to $36 billion in 2024. Rick Jain, Partner and Global Head of Private Credit at Pantheon, warns that while opportunities abound, the market faces potential disruption from mounting macroeconomic uncertainty and overconfidence in current pricing.

Private markets pivot to retail investors as institutional capital slows, while firms push higher leverage ratios to compete. Major fundraising milestones include Haveli's record $4.5B debut fund and iCapital's $820M raise. Banks fight PE talent poaching with new policies. Global PE deal value up 18.7% to $386B in H1 despite fewer transactions.

Private credit enters mainstream through 401(k)s as BlackRock completes $12B HPS acquisition, but industry faces capital abundance problem with too much money chasing limited deals. Major developments include Meta's $29B AI infrastructure fundraising, GTCR's record $24.25B exit, and expanding UAE private capital hub. Returns under pressure.RetryClaude can make mistakes. Please double-check responses.

Avista Healthcare Partners closes continuation fund for GCM, backed by Goldman Sachs Alternatives and BlackRock Secondaries.