美世咨询（Mercer）：2026全球私募市场未来发展趋势报告（英文版）（13页）.pdf

1、Rumors of my demise have been greatly exaggerated:The future of private marketsJanuary 2026Rumors of my demise have been greatly exaggerated:The future of private markets2Investing in the age of the megatrends:a total portfolio approach In todays investment environment,risks can come from anywhere,a

2、nd the biggest risks,such as AI,can seem to be everywhere.In our annual Large Asset Owner Barometer1,representing the views of asset owners with a collective US$2 trillion+of assets under ownership,investors told us they believed that geopolitics and regulatory change represented the greatest risks

3、to their portfolios over the next three years.These concerns have been validated in 2025,with several periods of heightened volatility driven by events such as the emergence of DeepSeek as a potential rival to US AI dominance,the current US administrations transactional approach to trade policy,and

4、ongoing geopolitical tensions in the Middle East and Ukraine.Against this backdrop and in stark contrast to recent years public markets outperformed private markets,with the overwhelming majority of major indices recording double-digit returns.In 2025,private equity fund raising declined by almost 3

5、0%compared to the previous year2 and PE fundraising timelines in Europe hit a new record for a third consecutive year3.Several industry publications have pointed to Limited Partners(LPs)concerns about the ability of General Partners(GPs)to generate the same level of returns they have achieved previo

6、usly4.Perhaps rumors of a demise in private markets have been greatly exaggerated,but this past year has reiterated the importance of diversification as a key tool in achieving greater long-term portfolio resilience.What constitutes diversification,however,is becoming more of an open question among