All Insights

With North American private equity (PE) AUM nearing $5 trillion, secondaries offer a unique entry point to the market.

Private markets entered 2025 with unabashed optimism, and exited the first half with a reality check. Amid this volatility, there are deeper shifts percolating beneath the surface that presage a new era of private markets investing.

Will U.S. economic exceptionalism survive the transformations of our time? We analyze its underpinnings, weigh its resilience and provide a playbook for investing in a new era.

Private credit deals have moved away from tariff-sensitive sectors and toward defensive areas since Liberation Day in April.

Amid tariff shifts, the U.S. middle market offers exposure to domestically focused companies with more localized revenues and supply chains.

Our base case remains one of continued expansion, albeit with slowing momentum and a narrowing set of growth drivers.

As markets accept a higher-for-longer rate environment, stock-bond correlation has spiked, providing a challenge for the traditional 60/40 portfolio.

Large-cap PE sponsors have historically been willing to pay an attractive premium compared to corporate buyers.

Middle market private equity managers benefit from more diversified exit paths than their large-cap peers, particularly with sponsor-to-sponsor deals.

Private credit’s income-based returns over the past 20 years have far exceeded losses, even during periods of market stress.

Our Investment Research team compiled their best charts and latest market analysis, across macroeconomics, public markets and private market strategies to help our clients map today’s markets.

Buyout funds focused on North America have delivered greater upside, less downside and higher median performance versus the rest of the world.