Insights

Private markets have historically required investors to accept longer holding periods. In return, they expect more controlled exits and consistent value creation. However, that expectation is now being tested. Over the past 18 to 24 months, private equity markets have shifted. The number of potential sellers now exceeds the number of natural buyers. Distributions have slowed, DPI has declined, and assets are remaining in portfolios longer than expected. This situation results

In 2026, founders are rethinking how they structure capital, blending equity, debt, and secondaries to maximize flexibility and control. Venture and growth investors deployed $425 billion into more than 24,000 private companies in 2025, up 30% year-over-year.¹ Yet capital is concentrating into fewer companies, with larger checks flowing primarily to later-stage and AI-driven startups.² For most founders, this shift is increasing the need for a more deliberate and diversified