Investor Outlook: H1 2026

In our global survey of more than 430 investors in November 2025, we consider how sentiment has shifted on asset class performance, commitment plans, and macroeconomic challenges

• Many investors are cautious on near-term commitment plans, even as long‑term allocation intentions remain stable or expansionary

• Higher asset prices across private markets may serve to boost confidence among investors regarding underlying strength of private portfolios

• Soft exit environments continue to constrain returns, particularly in private equity and VC, while deal market and competition weigh on private credit

• Geographic preferences are broadening, with investors increasingly eyeing opportunities beyond the US