STAYING THE COURSE IN PRIVATE MARKETS

We have seen a series of new records set across private markets in the last few years. Fundraising, deal activity and distributions all reached new highs in the recovery from the Covid-19 pandemic; however, the subsequent increase in global interest rates to combat inflation led to significant declines in deal and financing activity, resulting in unprecedented levels of dry powder. Amidst these market dynamics, we surveyed more than 200 limited partners (LPs) and general partners (GPs) across private market strategies in June and

July 2023 to get their views on broad market conditions and the alternative investment landscape. The investment outlook appears to be improving, while macroeconomics and geopolitics—including recession risks, geopolitical conflict, inflation, and higher rates—remain top of mind.