BLOG — Apr 18, 2025
See the Big Picture: Private Markets Playbook for 2025
Private market participants are encountering a dynamic landscape in 2025 filled with significant opportunities and formidable challenges. Our 2025 Private Markets Playbook(opens in a new tab) summarizes the key trends driving this space. Below is a preview of this research.
Private equity and venture capital partners see deal activity and fundraising improving in 2025 even as macroeconomic concerns persist, according to S&P Global Market Intelligence’s annual outlook survey(opens in a new tab).
However, the path for rates remains uncertain, particularly in the US where the macroeconomic outlook has deteriorated significantly. President Donald Trump’s April 2 announcement of global tariffs is adding fresh uncertainty on fund managers’ plans to sell portfolio companies(opens in a new tab), particularly those highly exposed to the new duties.
A study from S&P Global Quantitative Research & Solutions (QRS)(opens in a new tab) reveals a striking surge in capital funding into AI, with investments soaring 70% year over year to reach $83 billion in 2024. Venture capitalists significantly increased their stakes in late-stage AI companies, tripling their investments compared to the previous year.
The market for private credit shows little sign of stopping, with observers calling for total assets under management to grow to $3 trillion by 2028, roughly double where it was at the start of 2025. Momentum from the explosive growth in this market, driven by investors and borrowers seeking alternatives to public markets, will be further aided by an expected uptick in M&A activity in 2025 after a multiyear slowdown.
Click here to download our full Private Markets Playbook(opens in a new tab), which includes further details on the trends noted above and analysis of the datacenter and commercial real estate spaces.
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