Annual Private Market Review 2025

We are happy to share our Annual Private Market Review 2025. In this year’s report, we examine how private markets are evolving and why outcomes are increasingly driven by dispersion, selectivity, and execution.

We highlight the structural expansion of the secondary market, where sustained liquidity needs and accumulated unrealized value continue to create durable opportunity, particularly in LP-led transactions. In buyouts, we focus on the persistent opportunity in the lower mid-market, supported by structurally driven liquidity events and more resilient deal dynamics. Within ACE Ventures, we outline our disciplined approach to investing in software and AI-enabled businesses with clear economics, defensibility, and long-term relevance.

The report reflects our multi-strategy perspective on private markets and how we are positioning across strategies heading into 2026.

We hope the report provides useful perspective for investors and partners navigating private markets today and positioning for the years ahead.