Private markets investing has evolved at an accelerated pace over the last few years. The range of investment options has expanded considerably by asset class and notably by structure—whether it be evergreen products, co-investment vehicles, or continuation funds. The business of asset management has also become increasingly sophisticated with increasing emphasis on capital efficiency, namely the search for “permanent” capital and most recently via the wave of tie-ups between managers and insurers. M&A has also been a near constant in the space. Lastly, the promise of private markets for retail investors also looms large and GPs are racing to provide tailor-made solutions for the segment. 

Amidst all this sector change, the macro environment has also evolved. In 2025, uncertainty surrounding longstanding global trade and security arrangements initially produced shocks to asset markets globally, only for them to swiftly recover. The implications were also felt in the sphere and pace of dealmaking. As allocators and asset managers navigate an uncertain investment landscape, it is important for all parties to understand each other’s goals and expectations. 

The Nasdaq Private Markets Fund Trends report leverages comprehensive intelligence from the Nasdaq eVestment platform to explore the themes driving private markets investing. For the first time, in addition to intelligence on public plan participation in the space, we also provide color on U.S. life, accident & health, and property & casualty insurers and their roles in the private markets.