Quarterly Private Markets Report: Second Quarter 2026

NEPC

Research

22 Pages

NEPC reviews private markets as liquidity remains constrained and capital concentrates among larger managers, while AI reshapes venture, buyout, credit, and infrastructure activity. Venture investment is booming, but 86% of first half capital went to AI, highlighting how headline growth can mask unusually concentrated markets.

Key Takeaways

AI dominates venture: Artificial intelligence attracted $355.9 billion, or 86% of first half venture capital, as total deal value reached $412.7 billion.
Capital favors scale: Experienced buyout managers raised $139.3 billion through June, nearly seven times emerging managers’ $20.3 billion, reinforcing the market’s flight toward scale.
Infrastructure bottlenecks: Nearly $100 billion of data center projects were blocked or delayed from late March through June, despite continued investor demand for infrastructure.
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