2025 Market Overview

This year, we set out to take a clear and data-driven view of the state of private markets and where we see opportunities, dispel “facts” that are actually just opinions, and highlight what investors should be paying attention to (maybe even worrying about) for 2025 and beyond.

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Longer-Term Performance

We prefer to look at returns the way investors experience them: at various points in time. Over most 10-year rolling periods, private equity has historically outperformed public markets. Yes, there are timeframes when public markets outperformed. What's interesting, though, is that while we may see private markets underperform relative to a single public market index, we rarely see underperformance across all indices at the same time.

Fundraising

2024 settled some open questions about inflation and interest rates. So, why does fundraising remain... uninspiring? We think it's simple – There's still a disconnect between buyers and sellers. Fortunately, co-investments and secondary transactions can help fill the gap. And we've had success with both.

Valuations

Eighteen months ago, the most common question we were asked, as private markets were handily outperforming the declining public markets, was how could the valuations in private markets be believed? The noise has quieted down meaningfully, and we expect that continued underlying performance and portfolios will translate into outperformance for private equity returns.

A deeper dive into valuations

We expect that continued underlying outperformance in portfolios will translate into outperformance in private equity returns. Our team explains why.

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Our annual report offers a comprehensive and unique perspective on the private markets investment landscape, leveraging our firm’s industry expertise, research capabilities and expansive database to help navigate what may lie ahead for the industry.


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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