2026 Market Overview

Our annual report offers a unique perspective on the private markets, leveraging our firm’s industry expertise, research capabilities and expansive database to help investors navigate the evolving investment landscape. We all know the story of the Greek myth of Pandora’s box. Today, we’ve opened many boxes – AI, geopolitics, evergreen funds, private credit – and we are all Pandora, wondering, what awaits?  

Read the Narrative
What future did Pandora imagine at that moment she opened the box?... We believe we are at the point where the boxes are opening, and we are curious about what’s inside. The world will not be the same in five years, perhaps changed more than in any five-year period in our recent history, and that is particularly true for the private markets. We’ll give you our views on where and why. The rest is up to you.
Mario Giannini
Executive Co-Chairman, Hamilton Lane

Are we in an AI valuation bubble?

AI is a force reshaping markets, portfolios and the global economy. The only real question for investors now is how you choose to embrace it. We have tried to compare venture returns during this “AI Era” to prior periods where venture had strong, early returns. In the full Market Overview narrative, we outline our takeaways.

Liquidity & Investment Activity: Signal indicators

From our perspective, buyout price multiples are quite high. They didn’t go down much after 2021 and, when they did, they rebounded quickly. That is true globally but particularly in Western Europe — they are at record levels. We don’t think it means returns will be bad: It means a buyer’s margin for error is reduced.

Performance: Don't overthink this

Private equity has stumbled in the short term, but history is clear:  Past periods of underperformance, like 2012 and 2019, were followed by strong multi-year rebounds, setting the stage for what could be the next upswing.  Private equity has been, and likely will continue to be, an incredibly attractive investment space.


Market Overview

Our annual report unpacks the conflicting market signals, AI obsession, private market realities and structural shifts reshaping portfolios in 2026. 


About Hamilton Lane

Our purpose is simple: To provide enhanced financial well-being for those who depend on us. We do that by seeking to deliver tailored, solutions-oriented private markets exposure and industry-leading client service. We’re an organization built on over three decades of client-centricity, candor and authenticity and powered by intellectual rigor and data-driven insight. 

Our commitment to serving those who depend on us has remained steadfast, while our focus on growth and transformation has only strengthened. Today, we serve institutional and private wealth investors around the world, helping them tap into the opportunities afforded by this maturing asset class.

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