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PRIVATE FUNDS TRENDS REPORT 2026 EDITION

PRIVATE FUNDS TRENDS REPORT 2026 EDITION

Exploring the key trends shaping the private funds landscape.

Our 2026 analysis of fund terms and market data highlights a private capital market increasingly defined by concentration, investor scrutiny and evolving liquidity solutions.

Drawing on our extensive market database, alongside Preqin data through Q2 2026, our report examines the fund terms, market practices and fundraising trends influencing today’s private funds landscape.

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Four key trends that are seen throughout the report:

1. A recovery in fundraising, particularly in Europe

2. An increasing concentration of capital in fewer, larger funds and established managers

3. Heightened investor scrutiny of fees, expenses and financing arrangements

4. The mainstreaming of continuation vehicles and a shifting governance landscape across key person, removal and voting provisions

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What's shaping the private funds landscape in 2026?

Drawing on our extensive market database and Preqin data through Q2 2026, our report explores the fundraising trends, fund terms and market practices influencing today's private funds landscape. Discover the developments shaping managers, investors and fund structures across the market.

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A few key stats

4.8%

60%

50%

Increase

secondaries volume

combined key person trigger

Global private capital fundraising rose 4.8% in 2025, with the recovery concentrating into fewer, larger funds

60% of secondaries volume for continuation vehicles.

50% of funds in in our dataset combine named individual triggers with broader headcount thresholds.

4.8%

60%

Increase

secondaries volume

Global private capital fundraising rose 4.8% in 2025, with the recovery concentrating into fewer, larger funds

60% of secondaries volume for continuation vehicles.

50%

combined key person trigger

50% of funds in in our dataset combine named individual triggers with broader headcount thresholds.

Key contacts

Jan Gruter
Jan Gruter
Partner, Co-head of Private Capital, Private Funds
London
Ben Cocoracchio
Ben Cocoracchio
Partner, Private Funds
London
Steven Ward
Steven Ward
Partner, Real Estate Investment & Private Funds
London

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