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Private Markets Report

Trends Impacting Private Markets H1 2026

Key takeaways

Global Fund Banking's survey of 227 PE/VC firms shows pockets of positive sentiment amid a still-difficult fundraising environment.

41%

of firms surveyed raised co-investment capital in 2025

Only flagship funds were more popular, at 57%.

2x

rise in LP interest in private credit since 2023

This mirrors the 2x decline of LP interest in late-stage venture capital.

62%

of respondents expect higher distributions in 2026

This compares to 44% reporting higher distributions in 2025 versus 2024.

The data

Industry data, SVB data, and survey data from more than 200 private funds CFO and COO clients, plus insights from hundreds of conversations with market participants demonstrate near-peak activity, but uneven confidence.

Fundraising sources bar chart visualization
FUNDING

Non-flagship fundraising on the rise

Fundraising activity for co-investment funds has risen closer to the level of flagship funds, a trend seen across both PE and VC.

Going forward, firms will continue to leverage innovation in fund structures.

CAPITAL

LP interests are shifting

As interest in late-stage venture funds decreases, LPs are increasingly turning to buyouts, growth equity and private credit.

26% of LPs are interested in funds targeting private credit, double that of 2023.

Chart depicting LP interest increasing in real assets and growth
Bar chart showing optimism for 2026 distributions
EXITS

Distributions expected to improve

The share of respondents expecting increased distributions in 2026 is 18 percentage points higher than the share that reported increased distributions in 2025.

Survey respondents expect exit momentum to continue in 2026.

Global Fund Banking Outlook, H1 2026

Read the full report for more insights.

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