私人市场现状2026：为未来建设

As private markets move into the mainstream,investors are demanding better data, consistentreporting standards and the analytical tools to seetheir total portfolio clearly.ContentsA watershed momentPrivate markets have grown faster than theinfrastructure supporting them. Better data,03 momentPrivate markets are transforming the globalfinancial ecosystem, becoming a cornerstoneof institutional and wealth portfolios alike.With rapid growth in recent years has comea commensurate rise in expectations fortransparency, data quality and the kind ofrigorous, timely insight into holdings andNone of that is straightforward. Integrationwithout sufficient data quality doesn’tproduce clarity; it produces false precision,which may be the more dangerous outcome.Consistent marks, transparent fee treatmentand standardized reporting are not byproductsbut prerequisites for private markets with the capital flowing into them.”MSCI has spent decades building the datainfrastructure and analytical frameworks thatunderpin how public markets are understood,measured and managed. We are now applyingthat same expertise, rigor and independenceto private markets — with the convictionthat better data and common standards willdefine what the asset class can ultimatelybecome and help investors navigate with dynamics playing out across the industry areinstructive. Pockets of stress have emerged —most acutely within the private-credit market— suggesting a misalignment of expectationsbetween investors and managers. But whatshould not be underestimated are the genuinequestions arising around the integrity ofvaluations, the gap between expected andrealized liquidity in semi-liquid structures, andexposure concentrations that largely wentundetected until dislocations in public marketsmade them difficult to ignore. As theserealities suggest, the infrastructure supportingprivate markets has not kept pace with thequantum of capital flowing into them.For much of private markets’ history, opacitywas part of the value proposition, rewardinggreaterconfidence.We hope the research and insights in thisinaugural outlook prove valuable. We welcomeyour feedback, and encourage you to reachout to discuss anything within these pages justified the illiquidity premium. Thatcompactis increasingly under pressure from multipledirections: the expansion of private marketsinto wealth and retirement channels, theliquidity gap being bridged by evergreenand other semi-liquid structures, and thegrowing expectation that private exposures beevaluated within a total-portfolio frameworkalongside publicholdings.innovate in private markets, to build theessential infrastructure needed to help theindustry scale — and scale well.Luke FlemmerHead of Private Assets Transparency in high demandA fifth of the world’s largest institutional portfolios is now in private markets, yet investors are being asked to make faster, total-portfolio decisions with data that is often old by the time it arrives. Rising expectations to analyze investments across the totalportfolio are fueling demand for data designed to narrow the gap between reporting periods. The question is not whether An expectations crisis hits private credit Investors are learning that semi-liquid indeed meanssemi-liquid, as high-profile bankruptcies in late 2025 triggered a wave ofredemption requests in unlisted private-credit evergreen funds. Subsequent concerns about AI threatening software investmentssparked volatility in listed vehicles, raising questions about whether price moves reflect genuine deterioration in fundamentalsor uncertainty amplified by incomplete information. Smaller closed-end private-credit funds are showing materially higher write-down rates than larger peers, suggesting distress may be more uneven than expected. Private-equity exits have slowed as managers continue to hold onto portfolio companies rather than sell at prices the market willbear, and companies stay private longer. The result is an ongoing liquidity drought reshaping how general partners return cash toinvestors, spurring the use of continuation vehicles and supercharging activity in the secondary market. Locked-up capital impacts fundraisingFor managers, the pressure is creating a market of haves and have-nots, with nearly two-thirds of GPs ranking fundraisingas their top challenge. That’s not surprising when the 50 largest managers have captured more than 4 percentage points ofadditional market share since 2021, reflecting a broader shift of capital toward established managers. AI-related assets now account for roughly 16% of global private equity — USD 739 billion, of a USD 4.5 trillion universe —while trillions in new capital may be required to build the infrastructure behind it. A surge in data-center construction is creatingopportunities across asset classes, with strong historical returns on data-center investments, though the risks are growing as the facilities themselves become more complex and capital-intensive. For invest