What stands out
Exits are set to stage a comebackIn just nine months of 2025, global exit value had already topped the totals from the previous three full years. If this momentum holds, much-needed liquidity could potentially start flowing to investors through 2026 in a way that signals the market is genuinely turning.
Selection has never mattered moreThe gap between top-performing PE firms and everyone else is getting wider. In a more volatile, tech-driven, high-interest-rate environment, only the most skilled managers will pull ahead. The 2021 vintage already shows a nearly 14-point spread which is the highest since 2014.
Secondaries to continue their riseWith so much stuck capital, the secondary market will continue to be on a roll. Longer holding periods will drive more LPs and GPs to sell portfolios and release capital from assets as they seek liquidity. Yet there are also structural factors behind the secondary market’s rapid growth.
More 2026 market insights
Moonfare megatrends for the year ahead
The world seems to be entering a new economic order marked by volatility and fragmentation. We see investors responding by rotating into safer assets, new regions and private markets, all while technology accelerates structural change.
What’s next for private equity secondaries
Secondaries are still playing catch-up with the broader private markets and could have plenty of scope to continue growing over the coming year and beyond as both supply and demand momentum builds.
Semi-liquid funds: new era of investing?
Semi-liquid funds may deliver private equity-like returns but with more flexibility than traditional funds. What advantages do these vehicles have over more traditional private markets points of access?
Join The Satellite. Each month, you’ll receive the most important private market insights and Moonfare updates – straight to your inbox.
Important notice: This content is for informational purposes only. Moonfare does not provide investment advice. You should not construe any information or other material provided as legal, tax, investment, financial, or other advice. If you are unsure about anything, you should seek financial advice from an authorised advisor. Past performance is not a reliable guide to future returns. Don’t invest unless you’re prepared to lose all the money you invest. Private equity is a high-risk investment and you are unlikely to be protected if something goes wrong. Subject to eligibility. Please see https://www.moonfare.com/disclaimers.
About Moonfare
Moonfare aims to lead a new era of private equity investing by creating the opportunity for higher returns for more people. We are building the world's most engaged investor community to inspire investments that drive the world forward.
Important information
This is a marketing communication. Moonfare does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Alternative investments in private placements, and private equity investments via feeder funds in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Prospective investors should carefully consider the risk warnings and disclosures for the respective fund or investment vehicle set out therein. The value of an investment may go down as well as up and investors may not get back their money originally invested. Past performance is not necessarily a guide to future performance. An investment in a fund or investment vehicle is not the same as a deposit with a banking institution. Please refer to the respective fund documentation for details about potential risks, charges and expenses. Additionally, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for private equity investing, private equity should only be part of your overall investment portfolio. Further, the private equity portion of your portfolio may include a balanced portfolio of different private equity funds. Investments in private equity are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest.
In the United States, securities products and services are offered through Moonfare Securities USA, LLC (“Moonfare Securities”). Moonfare Securities is a registered broker-dealer (brokercheck.finra.org) with the United States Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org) and the Securities Investor Protection Corporation (www.sipc.org).
- 1 Minimum investment may vary by country and local regulation.
- 2 Source: McKinsey "Private Markets Annual Review 2022"
- 3 Past performance is no guarantee of future returns.