All rise

For two years, an easing bias encouraged investors to expect rate cuts. In September, the Federal Reserve, the European Central Bank, and the Bank of Japan each raised rates instead, and we believe markets began repricing risk in response. In our Q4 Global Private Markets Quarterly; All rise, we examine how that shift is reaching private equity, credit, and the AI infrastructure build-out, and what it could mean for investors portfolios.

Insights include:

• The carry math facing managers who hold 2021 vintage deals, and early signs that sellers are meeting the market on price
• Three constraints on the AI build-out, from financing to politics to power
• Buyout liquidity and fundraising, including why net distributions may shape the next recovery
• Credit markets in rotation, from syndicated refinancings to the 2028 maturity wall in software
• Exhibits and data on M&A, exits, IPOs, fundraising, leveraged finance, and private credit

Get the full picture

Each quarter, our Global Private Markets Quarterly brings together data from across private equity, liquid credit, and private credit to help investors see how the pieces fit together. Download the full report for the analysis and exhibits behind these themes.