At the start of 2025, the mood across private markets was cautiously hopeful, with dealmakers anticipating a meaningful rebound after two years of constrained activity. Instead, what followed was another year defined by friction. Yet the industry's response to that friction has been more adaptive than the headline numbers suggest. Secondaries activity reached record levels for the third consecutive year, capital flows shifted meaningfully toward Europe and GPs broadly moved from a defensive posture to one focused on preparation and offensive deployment. While conditions in 2026 haven't suddenly improved, the industry has adjusted its posture to succeed within conditions that, while imperfect, are workable. We recently hosted our Private Markets Club, where we explored these trends in greater detail.
