Private Markets Pivot From Momentum to Mechanics

Prepared by Anthony D. Tutrone and Chris Bokosky of Neuberger Berman, the analysis examines how structural shifts—rather than cyclical rebounds—are likely to shape private markets in the years ahead.

• Deal activity is recovering, but a lingering liquidity backlog is elevating the role of secondaries, continuation vehicles, co-investments, and capital solutions.

• Higher-for-longer rates, deglobalisation, and AI adoption are increasing return dispersion, placing a premium on operational value creation over multiple expansion.

• Private market pricing appears more reasonable than public equities, with liquidity-focused strategies positioned to benefit from a slow normalization of exits.

Which managers and structures are best equipped for this new phase of private markets? The full paper explores where durable opportunities may emerge.