Trends Impacting Private Markets

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Key takeaways

Changing trade policy and continued technological innovation are top of mind for private funds CFOs.

01

Publicly traded PE firms

have been focused on managing tariffs, according to earnings call transcripts.

02

The AI rush has produced

a 65% increase in the amount of capital called by tech funds between Q4 2023 and Q2 2025.D

03

85% of PE firms are using

or plan to use AI in the next twelve months, up from just 49% a year ago.D

The data

Tariffs and AI are playing key roles in private funds’ decision-making.

Interest rates and tariffs mentions over time

Publicly traded PE firms have turned their attention to tariffs, according to earnings call transcripts.

The uptick in tariff talk underscores how trade policy has become the primary macro concern for private funds in 2025.

Tech funds have rapidly increased their capital call activity at a rate that far outpaces that of non-tech funds.

This activity reflects the drive to invest in the AI space.

VCs AI Rush Drives Capital Call Activity Chart

Bar chart showing rising AI tool adoption

Last year, nearly half of firms said they did not have plans to use AI tools. Today, that reluctance has disappeared.

For most firms, AI is no longer a matter of “if” but “how.”

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Private Markets Report

Trends Impacting Private Markets H1 2025

Private Markets Report

Reports

Based on all private funds with an active CCLOC and all non-buyout tech funds with an active CCLOC. Source: SVB proprietary data and SVB analysis.

Planning to use in next 12 months. Source: SVB survey and SVB analysis.

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Trends Impacting Private Markets

Key takeaways

01

Publicly traded PE firms

02

The AI rush has produced

03

85% of PE firms are using

The data

Tariffs in the Spotlight

Capital Pours into AI

AI Hesitancy Has Vanished

Global Fund Banking Outlook, H2 2025

More about the authors

Explore other private fund CFO insights