Cutting Through The Noise

Private markets are navigating a more selective environment where macro uncertainty and higher interest rates are driving increased asset-level dispersion. Success now requires disciplined underwriting and a sophisticated approach to portfolio construction.

Key Takeaways

• 1.Private markets are entering a more selective phase driven by macro uncertainty, higher rates, and uneven recovery, increasing dispersion across assets.
• 2.AI acts as both a structural opportunity and a source of portfolio concentration risk.
• 3.Private credit fundamentals remain broadly resilient, though idiosyncratic stress and early signs of pressure are appearing.

Table of Contents

• Key takeaways
• Introduction
• Private equity: Valuations, exit activity & opportunities
• AI: Bubble or infrastructure opportunity?
• Private credit: US retail redemptions, sentiment, and software
• Accessing private markets: Liquidity, lock-ups and digital distribution

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