Private markets are maturing. The data shows an asset class evolving from exclusivity to broad-based participation.

• $592bn raised by private equity in the year to June 2025 - a seven-year low, but part of a healthy reset after a decade of excess liquidity.

• ELTIFs have surged to €25bn (56% YoY), while LTAFs reached €8bn (46%) - retail and wealth channels are finally open.

• Private equity continues to deliver 13-14% net annualised returns. Private credit averages 9%, roughly 200 bps above high yield.

• Pensions such as BCI and OMERS are expanding in-house private capital teams, reinforcing long-term conviction.

As liquidity tightens, access broadens, and underwriting sharpens, private markets are shifting from a boom cycle to a platform for disciplined, durable returns.