• 63% of private wealth investors plan fresh allocations in 2027, up from 55% last year, despite two-thirds citing exit concerns

• Confidence defies slow exit pace: over half (58%) expect private markets to outperform public ones over next 1-3 years (versus 54% last year)

• SaaSpocalypse still looms large: 95% of private markets investors see AI disrupting traditional software as appetite rises for growth and VC

Berlin, 04 November 2026 – Nearly two-thirds of private wealth investors plan to make further allocations in 2027, according to one of the largest global surveys of its kind from Moonfare, the global private markets platform and manager, as they shrug off concerns over private equity’s exit drought.

The Moonfare Investor Survey 2026, which collected responses from several hundred private markets investors across Europe, North America, Asia and the Middle East, reveals conviction has held through a period marked by geopolitical uncertainty and inflationary pressures, with more than half (58%) expecting private markets to beat public ones over the next few years, up from 54% last year.

Despite exits being a key concern for two-thirds (66%), investors are looking past the slower pace of distributions. The proportion of investors planning new commitments rose by 8 percentage points to 63% this year, while just 9% say they do not intend to invest further. This forward-looking appetite is supported by recent investment activity, with 82% having made new private market allocations over the past 12 months.

The findings suggest investors are also prepared to wait out longer holding periods rather than accept lower valuations. Nearly two-thirds (62%) would not sell part of their private equity portfolio at a small discount for immediate liquidity.

Investors also have a clear view on where the best returns will come from. More than two-thirds (68%) expect mid-market buyouts to outperform other strategies over the next one to three years.

AI appetite grows; SaaSpocalypse looms large

Earlier-stage equity is rising in popularity, with preference for growth and VC investments having nearly doubled since last year’s report (from 26% to 46%) as investors brace for further disruption to software companies. AI was the leading industry for sector conviction (61%), with 95% expecting AI to cause moderate or high disruption to traditional software businesses.

More than half (54%) are looking to allocate between 11% and 30% of their portfolios to AI-related investments, while 11% would allocate between 31% and 50%. AI applications emerged as the most promising area for AI investment, ahead of infrastructure, robotics and large language models.

Steffen Pauls, Founder and Co-CEO of Moonfare said:

“In a year marked by gating incidents, high redemptions and market uncertainty, private wealth investors aren’t just following the headlines. They are taking a longer view and conviction is growing. More plan to commit capital next year, and most would rather wait for the right exit than sell at a discount.

That patience will be rewarded selectively. The next phase of private markets will be shaped by a shift in how returns are generated. With higher financing costs and a more challenging exit environment, the ability to grow earnings, improve operations and realise investments at attractive valuations will become increasingly important. Manager selection has never mattered more.”

Download the full report findings here.