2026 Private Markets Outlook A New Continuum

BlackRock

Research

27 Pages

BlackRock presents a 2026 private markets outlook built around a new continuum between public and private assets. The paper explains how liquidity solutions, secondaries and evergreen structures are shifting private markets from a closed corner of portfolios to a core component of whole portfolio construction. It also highlights the growing role of private credit, infrastructure and data in financing growth and diversification.

Date published: November 2025

Sources: Chart: Preqin, October 2025.
Source: BlackRock and CB Insights, as of December 31, 2024. BlackRock and CB Insights, as of December 31, 2024.

Key Takeaways

New continuum concept: Private and public assets are increasingly managed together, with structures that blur traditional lines between liquid and illiquid holdings.
Financing and liquidity: Private credit and secondaries support company financing and give investors more tools to manage liquidity without forced sales.
Broader investor access: Evergreen vehicles and retirement friendly structures expand access, with assets in such funds now above four hundred billion dollars.
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