AUM forecasts: We project wealth-focused evergreen funds will grow 20% annually to over $1 trillion by the end of 2029. So, what growth rates do we forecast for PE, VC, and other strategies? We even go down to the substrategy level in our 2029 Private Market Horizons report.
A cloudy consumer outlook: The consumer retail & services market is in wait-and-see mode, with PE deal flow hitting a decade low in Q1. Our client-only research unpacks the impact of this uncertainty. Read a preview.
Allocator's Atlas: On Wednesday, the latest in our LP-focused webinar series will focus on how global tensions and market changes are reshaping allocation-related decisions. Register here. |
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Interval funds near $100 billion in AUM
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Evergreen private market structures are nearing a major milestone, with interval funds close to surpassing $100 billion in assets.
These structures—once on the fringe—are now central to how asset managers are expanding access to private capital strategies, especially among high-net-worth investors and advisors.
What began with a handful of credit-focused interval funds has grown into a broader movement. Managers are experimenting with hybrid structures, blending public and private markets, and offering liquidity features that sit between traditional drawdown funds and mutual funds.
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| A steady rise in interval fund count and AUM. |
For asset managers, these structures provide a scalable and recurring fundraising model, often appealing in today's slower institutional capital formation environment. They also align with broader efforts to court private wealth, where the demand for yield, diversification, and simplified access is high.
But the rapid expansion comes with caveats.
These funds are perceived solutions to structural challenges in private markets—liquidity, fundraising cycles, access—but questions remain around how effectively they balance liquidity promises with illiquid asset holdings, especially in stressed markets.
As evergreen and hybrid funds continue to gain traction, they reflect both innovation and pressure in the capital-raising landscape. Their long-term viability—and role in portfolio construction—will be closely watched.
Related read: How Cliffwater interval funds led a private wealth fundraising bonanza
Related research: The Evergreen Evolution
Clients can access prior editions of our LP-focused weekly commentary in this dedicated workspace.
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Global Fund Performance Report
In late 2024, as interest rates dipped and political outcomes became clearer, private markets seemed poised for recovery.
That optimism has since become much less certain.
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| VC's improving performance continued in our new data. |
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In a period now defined by tariff changes and volatility, our new report analyzes market responses to past shocks to explore what these shifts could mean for performance.
We also offer fresh commentary on why NAV loans and continuation funds may regain traction as exit activity has yet another setback:
Read the free report
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Enterprise Fintech VC Trends
Early-stage enterprise fintech companies commanded incredible interest in Q1, a trend that reflects the emerging "AI premium" attached to promising startups.
This AI-driven momentum propelled enterprise fintech funding to $5.6 billion for the quarter—a 13.5% increase from Q4 and 40% growth YoY.
Our report explains why enterprise fintech now captures a record 76% of total fintech investment, with the CFO stack and payments segments leading the way:
Read a free preview
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Supply Chain Tech VC Trends
The supply chain tech sector recalibrated in Q1, with VC deal value falling more in line with longer-term trends.
Drilling deeper, freight tech deal value remained elevated, enterprise supply chain tech showed modest growth, and last-mile delivery and warehousing tech retreated.
Our report dives into the data, including a strong quarter for exit volume:
Read a free preview
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Save these dates!
May 12-13: Come see us at DealCatalyst's Private Credit Industry Conference, where our EVP of research, Nizar Tarhuni, will join an LP roundtable on the relative value of private credit versus other fixed income alternatives.
May 27: From diagnostics and digital health to robotics and remote care, the medtech sector is evolving rapidly—and so is the funding environment. Senior analyst Aaron DeGagne will break it all down with a panel of industry professionals. Register here.
June 2-6: PitchBook is sponsoring SuperReturn in Berlin, where our head of credit and US PE research, Marina Lukatsky, will provide an overview on the state of the private credit market.
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