2026 Mid-Year Market Update

Where private markets stand today and where opportunity remains

In our 2026 mid-year update, Executive Co-Chairman Mario Giannini unpacks what’s happening across the private markets. Beyond the headlines, the data points to resilience in credit and infrastructure, strength in AI-driven venture and new paths to liquidity, creating opportunity for investors who stay disciplined.

Download the Update
We believe private market performance will begin to outpace public markets because we don’t believe public market returns can continue at the pace of the last several years.
Mario Giannini
Executive Co-Chairman

Credit and infrastructure lead

Buyout has lagged public benchmarks over the one-, three- and five-year periods, while infrastructure and private credit have led over the last three years. Despite negative headlines, evergreen credit returns have continued at a healthy pace, with no wave of amend-and-extends or rising defaults.

Liquidity remains the challenge

Absolute distributions are at their highest levels since the 2021 wave, yet the rate of distributions remains lackluster. GP-led transactions reached nearly 15% of buyout exit volume in 2025, as investors look for new paths to liquidity.

AI is driving venture contributions

Private equity contributions are on pace to exceed 2025, with venture capital and AI investment a major factor. Whether AI investments deliver the expected returns will ultimately depend on usage and spending.


2026 Mid-Year Market Update

Where are the private markets today, and what comes next? Explore our latest data and insights on performance, liquidity, valuations, fundraising and AI. 


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.

hamilton lane