1、2029 Private Market HorizonsForecasting the growth of private capital AUM over the next five years22029 PRIVATE MARKET HORIZONSContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook,CFA Global Head of Quantitative Research and Market Intellig

2、enceZane Carmean,CFA,CAIA Director of Quantitative ResearchInstitutional Research GroupAnalysisZane Carmean,CFA,CAIA Director of Quantitative Research Nathan Schwartz,CFA Senior Quantitative Research Analyst Miles Ostroff Associate Quantitative Research Analyst PublishingReport designed by Drew Sand

3、ersPublished on May 1,2025An accompanying Excel file contains additional charts and all underlying data for this report.Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.Overview3Global private markets in 20295The evergreen evolution8Forecasts by fund s

4、trategy11Appendix:Methodology2232029 PRIVATE MARKET HORIZONSOverviewAs we embark on the second half of the 2020s,one thing is clear:If the first half was any indication,investors will be navigating turbulent waters.The past five years have been nothing short of extraordinary.The COVID-19 pandemic br

5、ought economic activity to a standstill,and the subsequent policy response drove interest rates to historic lows.That stimulus,in turn,helped trigger the most significant inflation surge since the 1980sushering in a new era of central-bank rate hikes,volatility,and dislocation.The result:the worst p

6、erformance for a traditional 60/40 portfolio in nearly half a century in 2022.Despite the macroeconomic shocks,US equities roared back in 2023 and 2024,fueled by resilient consumer demand,innovation in AI,and interest-rate stabilization.Optimism crept back into private markets as deal flow picked up