2026年一季度全球私人市场筹资报告（英）2026

Contents Overview4Spotlight:2030 Private Market Horizons6A word from Nuveen9Private equity11Venture capital13Real estate16Real assets19Private debt22Funds of funds24Secondaries26Co-investments28Top funds by size30References33 Institutional Research Group Hilary Wiek, CFA, CAIAPrincipal Analyst, Fund Strategieshilary.wiek@pitchbook.com Juan Mier, CFALead Analyst, Fund Strategiesjuan.mier@pitchbook.com Anikka Villegas Senior Research Analyst, FundStrategies & Sustainable Investinganikka.villegas@pitchbook.com Nick Rescigno Research Analyst, FundStrategiesnick.rescigno@pitchbook.com Kyle Stanford, CAIADirector, VC Researchkyle.stanford@pitchbook.com Nicolas Moura, CFA, CAIASenior Research Analyst,EMEA Private Capitalnicolas.moura@pitchbook.com Kyle Walters Research Analyst, Private Equitykyle.walters@pitchbook.com Charlie FarberManager, Data Analysis Sarah McKinneyData Analyst pbinstitutionalresearch@pitchbook.com Published on May 22, 2026 Clickherefor PitchBook’s private market glossary. 2026EQuilibriumSurvey Go inside the themes shaping thefuture of institutional investing.nuveen.com/equilibrium Overview fund managers are doing the math as they wait, but time is theenemy of IRRs: Doubling your money with a 2x multiple is notnearly as impressive if it takes 10 years to do so. Continuationfunds, the “solution” that many have utilized, only push theproblem out and create issues with LPs. According to theInstitutional Limited Partners Association, continuation fundsshould be known henceforth as “conflict vehicles.”1 Hilary Wiek, CFA, CAIA Principal Analyst, Fund Strategieshilary.wiek@pitchbook.com Dry powder for private market drawdown funds has beendeclining for nearly two years on the back of four consecutiveyears of fundraising drops. Remarkably, AUM continues toclimb, but that is largely due to aging portfolio assets as fundshold investments for longer periods. While the share of drypowder attributable to funds older than five years has heldsteady at under 10%, the share sitting in funds that are twoto five years old has grown, potentially leading to a situationwhere fund managers are desperate to put money to workbefore the investment period ends. The fundraising story is the same as it has been for a fewyears: Until GPs better align their interests with those oftheir LPs by returning capital through truly exiting portfolioinvestments, working to minimize conflicts of interest acrossinvestor types, and providing a true value-add model over thelife of a drawdown fund, managers will continue to struggle toraise drawdown fund capital. In a time when large, public assetmanagers are serving other interests, such as stockholdersand retail channels, there should also be room in the marketfor a more investor-centric model where outcomes are aligned,conflicts are minimized, and economies of scale are shared. Also growing is the share of total private capital net asset value(NAV) sitting in funds that are seven years or older. In 2019 and2020, 26% of NAV was held in funds from this mature bucket.That number has grown to 39.7% as assets have piled up inportfolios waiting for a better exit environment. Presumably, SPOTLIGHT 2030 Private Market Horizons Base-case private capital AUM forecast ($T) by fund strategy Nathan Schwartz, CFA Senior Quantitative Research Analystnathan.schwartz@pitchbook.com Jacobie Fullerton Quantitative Research Analystjacobie.fullerton@pitchbook.com Note: This section is excerpted from our recent report2030 Private MarketHorizons. For nearly four decades, private markets operated witha powerful and largely invisible tailwind: the seculardecline in interest rates. From the early 1980s, when thefederal funds rate peaked near 20%, through the longpost-global-financial-crisis stretch when policy rates wereanchored close to 0% for much of the 2010s, nearly everycorner of the private markets benefited from an environmentin which borrowed capital was cheap, asset values roseas discount rates fell, and multiples expanded. Thataccommodative backdrop fueled an extraordinary rise inprivate market AUM. The backdrop of the past two years has thrown severaloff-speed pitches. US tariff expansion, lingering inflationpressures, and renewed geopolitical tension in the Middle Easthave elevated uncertainty and may be weighing on investorrisk appetite. While private markets have proven relativelyresilient, these headwinds may encourage investors to pausecommitments and reassess regional exposures, contributing toslower capital formation globally than in the previous decade.Encouragingly, recent deal activity and fundraising across selectstrategies are pointing to a potential revival in risk appetite. Looking ahead, we forecast that global private market AUMmanaged by GPs will reach $26.7 trillion by the end of 2030,up from about $20 trillion today. This trajectory implies a 5.7%annualized growth rate, which is slower than the historicalgrowth rate and consistent with our view o