2026年私募市场展望

A New Continuum Welcome letter Private markets are evolving to meetthe challenges of a new investing era. BlackRock working together is best positioned to meet the needsof sponsors, limited partners and private companies for In infrastructure, we have brought togethergovernments and technology leaders to finance thefuture of AI and energy. And in data and analytics, weare integrating Preqin and our Aladdin® platform to There’s no denying that private assets are becoming akey component of a whole-portfolio strategy for moreclients. This is happening at a time when private More transparent:Investors have more informationon private fund managers, the assets they invest in As more clients integrate public and private marketsinto their portfolios, they are looking to simplify theequation by seeking solutions from fewer partners whocan meet their full set of needs from alpha generation to More holistic:Whole-portfolio views and riskmanagement are being connected across the spectrum More accessible:Evergreen structures and wrappers,such as ELTIFs in Europe and U.S. models featuringprivate market allocations, areopening upprivate We are proud to be at the forefront of enhancingopportunities in private markets for clients of all sizes These advances are reshaping portfolios not just forleading institutions but also for wealth investors, awayfrom traditional 60/40 approaches towards 50/30/20allocations, with private assets making up the 20%. To meet this fundamental change to the investmentuniverse and provide the best possible solutions for our In 2025, we welcomed HPS, a leading global privatecredit manager, and Preqin, the foremost providerof private markets data and insights, following theintegration of GIP, an industry-leading infrastructure With HPS joining BlackRock, we have combined thefirm’s private credit, leveraged finance, CLO, privateequity co-investments, secondaries and deal- Robert S. KapitoPresident and a Director of BlackRock Key takeaways In private equity, more investors are usingsecondaries for liquidity and portfoliomanagement, and we’re seeing attractiveopportunities in both growth equity and In 2026, private markets are transforming howsocieties build infrastructure, howbusinessesfinance growth, and howinvestors achievediversification in their portfolios. Episodes of high volatility are leading privatecredit to take on a larger percentage of overalllending activity, with expanding opportunities The global real estate market has undergonea reset, with residential, industrial and Mega forces, such as digitalization and AI, thetransition to a low-carbon economy, anddemographic change are increasing the globalopportunity set for private infrastructure More wealth and retirement investors areparticipating in private markets, takingadvantage of new fund structures foraccessibility and liquidity, as well as new Table of contents Introduction5 Private equity 15 8Private credit 20Real estate 23Alternative portfoliosolutions Infrastructure 12 Sources::Unless otherwise noted, source for all data is BlackRock, as of November 2025. Assumptions, opinions and estimates are providedfor illustrative purposes only. They should not be relied uponas recommendations to buy or sell securities. Forecasts of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. Authors Adam RyanChief Investment Officer, AdebayoOgunlesiChairman & Chief Executive Officer ofGlobal Infrastructure Partners, a partof BlackRock Michael PattersonCo-President and Head of DirectLending, HPS, a part of BlackRock Brent PatryGlobal Head, Equity Private Markets,Co-Head of GP / LP Solutions Raffaele SaviGlobal Head, BlackRock Systematic Contributors Amanda LynamHead of MacroCredit Research Hugh LawsonManaging Director, HPS,a part of BlackRock Lynn BaranskiGlobal Co-Head and CIO,Private Equity Partners Madelaine O’ConnellManaging Director, HPS, a part ofBlackRock Paul TebbitGlobal Co-Head for Real Estate Thomas Mueller-BorjaGlobal Co-Head for Real Estate VidyVairavamurthyChief Investment Officer,Alternative Portfolio Solutions Introduction Private markets at a step change Challenges remain for private investors, though, particularly As the world’s capital seeks resilience in a changingglobal economy, private markets hold the key to manypressing challenges and opportunities. In 2026, they havethe potential to redefine the ways that states and With IPO and M&A activity slowing in recent years, manyhigh-quality companies are staying private longer andincreasingly working within the private markets forfinancing, namely through private credit and secondary In the U.S., the number of listed domestic companies hasfallen from 8,000 in the mid-1990s to fewer than 4,500today,1as a result ofconsolidation, de-listings, and Distributions at a premium Investors continue to list the exit environment for private assets as a primary c