McKinsey & Company reviews how global private markets entered a more muted phase after years of rapid growth and easy capital. It traces slower fundraising, softer deal activity and a tilt toward larger managers while dry powder keeps climbing. Across private equity, real estate, private debt and infrastructure, the authors examine performance shifts, evolving ESG priorities and demographic diversity gaps.
Global Private Markets Review: Private markets turn down the volume
McKinsey & Company
Research
74 Pages
Key Takeaways
Volume turns down: Fundraising and dealmaking slow across regions while allocations stay high, creating pressure from denominator effects and cautious LPs.
Capital concentrates: More money flows to large established funds as smaller and first time managers face tougher access to commitments.
Segment divergence: Private credit proves relatively resilient, real estate adjusts to inflation and rates, and infrastructure grows around energy transition themes.
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