20th July 2026

Private markets: a shift from momentum to selectivity

Private markets are entering a new phase. 

After a period dominated by rising valuations, cheap capital and abundant liquidity, the focus is shifting towards fundamentals, income and disciplined investment selection.

Our latest Private Markets House View suggests a more selective, dispersion-driven environment, where opportunities remain compelling — but are increasingly concentrated in high-quality assets, resilient cash flows and structural growth themes.

A more uncertain macro backdrop

The starting point is a global economy that is slowing but resilient. Growth remains intact across major economies, with the US expected to expand by around 2.2% in 2026, China around 4.8% and India close to 6.8% [1]. 

However, inflation pressures, geopolitical risks and diverging policy paths continue to drive volatility. Recent tensions in energy markets have reinforced uncertainty, even as easing monetary conditions begin to offer some support.

In this environment, private markets are playing a critical role in portfolios as a source of resilient income and long-term structural exposure.

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