2025 Mid-Year Market Update

In our mid-year private markets update, Executive Co-Chairman Mario Giannini dissects what’s happening across private equity, credit and infrastructure. While some headlines may suggest the thrill of the past few years is gone, the data tells a more nuanced story, one of recalibration, resilience and opportunity.

Download the Narrative
We know you are reading all sorts of stuff on the public markets. What are they telling you? Valuations are stretched. Market sentiment is bullish. Everything is screaming red. That doesn’t mean it will go down, but how would you feel if our sentiment indicators had us telling you, ‘Yikes, all our boxes are flaming red!’ You’d be worried.  Boring is good here. You are looking at private markets that are dull and investable. No extreme behavior, no particularly worrying indicators.
Mario Giannini
Executive Co-Chairman Mario Giannini

Performance Across the Private Markets

The idea that all private markets strategies are struggling is inaccurate. While there are certainly market headwinds at play, we see private credit and infrastructure continuing to show strength.

AI Venture Capital Deal Activity

This shouldn’t be a surprise to anyone: The venture area is becoming dominated by AI as an investment opportunity, with over 50% of deal volume attributable to AI. Does this indicate a bubble?

Mid-Year Global Outlook

While we can’t ignore the fact that interest in European and Asian managers is rising, we believe that the best performing private markets portfolios will continue to be dominated by U.S. investments.

2025 Mid-Year Update

Access Hamilton Lane’s data-driven, nuanced mid-year review of the private markets.


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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