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Private Markets Report
Trends Impacting Private Markets H1 2025
Key takeaways
Private funds manage what’s under their control in adapting to an uncertain landscape.
01
Both private equity and venture capital firms
expect the challenging fundraising market to persist through 2025.
02
As fund families mature,
they tend to attract an increasing number of institutional LPs.
03
Of the private markets firms surveyed,
nearly 90% outsource at least half of their tax work.
The data
SVB survey data show how private funds continue to navigate a persistently challenging fundraising environment.
Fundraising
Fundraising Difficulties Persist
Despite hopes for a rebound, fundraising conditions remain challenging in 2025.
Private funds cite three key challenges: a prolonged weak exit market, continued macroeconomic headwinds and heightened competition for LP dollars.
Fund Evolution
LP Trends 2025: LP Bases Get More Institutional Over Time
The increasing share of institutional LPs over time is the defining characteristic of a firm’s maturation.
Early funds rely heavily on personal networks and scrappy fundraising, whereas later funds have the track record to attract institutional LPs such as pensions, endowments and funds of funds.
Taxes
Most Firms Outsource Some or All Tax Operations
According to SVB’s private markets survey, nearly 90% of investment firms outsource at least half of their tax work, and almost a third outsource all of it.
With varying and complex tax systems, changing regulations, increased cross-border activity, exotic transactions and evolving fund structures, firms must strike a balance between using external experts and hiring dedicated internal tax professionals.
Global Fund Banking Outlook, H1 2025
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