McKinsey & Company – Global Private Markets Report: Braced for Shifting Weather, 2025

The main theme is the analysis of the state of global private markets in 2024 and forecasts for 2025.

Key findings include that in 2024, conditions for global private markets were mixed: deal activity remained sluggish, and fundraising fell to 2016 levels despite public market performance gains. Investors remain interested in private markets and plan to increase capital allocations next year. Geopolitical instability and changes in trade policy pose critical challenges. The rapid development of generative AI requires new value creation capabilities from private market leaders. Market participants show resilience by adapting to changes, shifting from traditional financial engineering to operational transformations. The report analyzes asset classes such as private equity, real estate, private debt, and infrastructure, and discusses issues like PE exit delays, the rise of alternative capital sources, and the attractiveness of secondary markets and GP stakes.