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Sentiment, Al andPrivate Credit Private investors are more optimisticabout dealmakingforQ22026;publicinvestors however are more neutral onmarket outlook Public equity investors are bullishon Tech, while private investors arebullish on PURE; both are positive onTMT and Industrials Investorsremainmoderatelypositiveon private credit with USprivatelending market as regional preferencesweakening fundamentals are seen askey risk HSBC Funding the Future Survey: key data How do you foresee VC/PE activity over the next 12 months? 57% What is listed investor sentiment towards private equities? How do listed investors see activity in public equitiesoverthe coming quarter? ...although investors remain moderatelypositive onprivate creditWhatisyouroverallsentimenttowardsprivatecreditoverWhatisyouroverall sentimenttowardsprivatecreditover the next 6-12 months (VC/PE investors)? the next 6-12 months (Listed investors)? Vc investors'outlook on IPo activity has softened... Net sentiment across sectors How do you foresee IPO activity over the coming year? What is your view on these sectors over the next three months? ...but they remain keen on exits Do you plan to exit companies in the next 12 months? Executive Summary The eighth edition of our proprietary Funding the Future Surveyshows investors inprivate marketsarefeelingoptimisticaboutdealmaking,while public equity investors are more neutral on themarket outlook.The outlook for venture capital (vC)activity haspicked up a little since December, with more investors anticipatinghigher dealmaking activity in both the short and longerterm.Bycontrast,publicinvestors'expectations of continued equitymarket rally have softened since start of the year.Al, the pace oftechnological change,and changingconsumerbehavioursarekeytailwinds, while geopolitical uncertainty and economic risks areseenasthemainheadwinds.Bothpublicandprivateinvestorsremainpositive onTechand Industrials,whileHealthcarehastaken a back seat.Interestingly,investors are still positive onprivate credit over the next 6-12 months. Carried out by Survation, this survey captures the views of211global investors representing asignificant portion of the private and public high-growth investment community. Surveyparticipants represented a total AUM of USD2.85trn with about USD715bn attributed to VC andprivate equity (PE) investors. The fieldwork took place from 16 March to 10 April 2026.The first quarter of 2026 wasextremely volatilefor markets.Destabilising narratives were broad-based,from Al being toodisruptive to worries around private credit, to a string of geopolitical headlines-Venezuela,Greenland and, in March, the Middle East conflict. In private markets, persistent liquidityconstraints and the overhang dueto geopolitical uncertainty meant that although in headlineterms VC fundraising and the dealmaking run rate were improving, capital was concentrated inAl, softwareand peripherydeals.Exits,however,remainedmuted andheavily reliantonM&Arather than IPOs, with only a handful of landmark listings and trade sales moving the needleand limited distributions flowing back to limited partners. Against this backdrop, investor sentiment about the near-term outlook for VC/PE activityremains positive.Some54%of private market investorsforeseean increase inactivityoverthenextquarter,upfrom42%inourpreviousedition(December2025).Sentimentabout the longer-term outlook has also improved a litle, with 57% expecting stronger activityover the next 12 months, up from 55% in December. Geopolitics, Protectionism and changes ininterestrateenvironmentareseenasamongthekeyheadwindstoactivity,whilethepaceoftechnological change remains the key tailwind. markets arepositive on the outlook of public equities for the coming quarter,down fromswing from the start of the year.Although investors anticipate higher VC/PE activity, net sentiment has broadly shifted lower for the near term. Industrials, PURE (Power, Utilities, Resources and Energy) and TMT(Technology,Media, and Telecoms)arenowthe sectors withthe mostbullishsentimentamong private investors. Meanwhile, sentiment on Healthcare and Financials has cooled.This hints at greater dispersion among managers. They remain mostly neutral on Consumer Technology sectors, while Financials and Healthcaresectorshaveasomewhatbearishskew.Some78%ofpublictechinvestorssaidtheyanticipatea further increase in tech earnings in the coming quarter. With all the noise around private credit, it is difficult to distinguish between isolated problems with a limited number of firms vs a systemic problem in the asset class. The question remains:in both public and private markets remain moderately positive on the asset class Private credit sentiment among privateinvestorsWhat is your overall sentiment towards private credit Private Credit sentiment among publicinvestorsWhat is your overall sentiment towards private credit over next 6-12 months? (VC/PE investors) over next 6-12 months? (Listed investor