Private Markets in 2031

In Private Markets in 2031, we present our forecasts for fundraising, performance, and AUM growth across each asset class and consider what the industry can expect in the period to end-2031F

• We anticipate AUM for private credit and infrastructure funds will grow fastest among all asset classes in our forecast period

• Private equity funds’ ability to deploy capital at lower entry valuations relative to the pre-2022 period may boost performance prospects for newer vintages, with growth strategies and secondaries expected to see greatest improvement

• We expect opportunities for value creation in the application layer of the AI stack will be critical in boosting VC fundraising and performance

• Private credit funds’ AUM is forecast to surpass $5tn by end-2031F, with evergreen funds expected to grow faster than all major closed-end private credit fund types

• Three connected structural drivers underpin our infrastructure forecast: digitalization and connectivity; investment in supply-chain resilience, and growing requirements for power and energy security