Market Overview 2025: What, Me Worry?

Hamilton Lane

Research

120 Pages

Hamilton Lane gives an update on private markets and future expectations for returns, liquidity, M&A, fundraising, and more.

Key Takeaways

Liquidity is under strain: Distributions have dropped to post-GFC lows, testing investor patience and portfolio rebalancing assumptions.
Evergreen structures are rising: Institutional investors are accelerating adoption of perpetual capital vehicles over traditional closed-end funds.
Selective alpha still exists: Opportunities in secondaries, infrastructure, and private credit offer differentiated returns amid broader market caution.
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