About the survey

In March and April 2025, we surveyed Moonfare's community of individual, eligible investors in order to gauge their views on private markets. All responses (n=175) were anonymous and the data aggregated. Percentages may not always total 100% due to rounding.

Key takeaways

• Private markets continue to anchor portfolios. Most Moonfare investors are already well positioned in PE — and many plan to commit fresh capital in 2025.
• Mid-market buyouts and secondaries are widely seen as offering the most attractive return potential in today’s economic climate. Sector-wise, defense has clearly moved into investors’ focus.
• Moonfare investors echo broader concerns about the current economic trajectory. Most view tariffs and geopolitical uncertainty as key risks — and few believe Trump’s policies are benefiting private markets.
• The current liquidity crunch also presents an opportunity: survey respondents would consider investing more if liquidity in private markets improved — but not at the expense of potentially lower returns.

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.