2026 Outlook: Private Equity & Venture Capital Views
Thoughtful portfolio construction across private markets will be key to capturing diversification and return opportunities in a morphing environment in 2026.
Authored by: Andrea Auerbach
Executive Order Opens the Gates to Private Markets
US President Donald Trump signed an executive order on August 7 directing the Department of Labor and SEC to issue guidance on the inclusion of private market assets in 401(k) plans, marking a pivotal step toward unlocking a major new source of demand for private assets and substantially accelerating the democratization of the asset class.
Private Markets Bracing for Tariff Impacts
We advocate maintaining private market allocations. Investors should assess their exposures by manager, strategy, company stage, sector, and geography, and prepare to make adjustments to benefit their portfolios.
Private Company Operating Metrics: Global Analysis
Our global private equity operating metrics analysis highlights the key levers and value drivers in private equity, and explores a risk and return comparison between private equity and public equity. It includes dedicated Europe and Asia analyses as well as regional comparisons.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
Our US private equity operating metrics analysis highlights the key levers and value drivers in private equity, and explores a risk and return comparison between private equity and public equity.
2025 Outlook: Private Equity & Venture Capital
We expect private investment performance to improve, as the impact from overinvestment in 2021–22 recedes. The asset class’s long-term performance should continue to attract individual investors and managers are creating pathways for them to more easily access opportunities. While M&A and IPO exit opportunities may improve, we believe the importance of continuation vehicles as an exit path will grow. In Asia, we expect Japanese buyout and Chinese venture capital transaction activity to increase.
Have Public Market Returns Permanently Eclipsed Private Market Returns?
No, while the public market’s outperformance may seem like a total eclipse, this one, like all eclipses, will be temporary.
Private Company Operating Metrics: Global Analysis
Delve into our global private equity operating metrics analysis that not only illuminates the fundamental levers and value drivers in private equity, but also explores a risk and return comparison between private equity and public equity.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
Delve into our private equity operating metrics analysis that not only illuminates the fundamental levers and value drivers in private equity, but also explores a risk and return comparison between private equity and public equity.
Is All Growth Investing “Growth Equity”?
No. In recent years, many private investment fund managers have painted themselves with a growth equity brush. Limited partners need to be increasingly diligent to determine if they are accessing the truly differentiated and attractive investment profile offered by actual growth equity.