Greg Kohles

Research Paper Keith Crouch, Uday Karri, Greg Kohles May 19, 2026 The amount of capital returned to investors from closed-end funds in private markets stayed subdued in 2025, with distribution rates well below historical norms. In buyout, exits that did get done in the year showed stronger pricing, however, suggesting quality assets still attracted buyers.

Blog post 5 min read January 30, 2026 Holding-level indexes allow participants in private markets to directly observe the performance of private assets decoupled from details of the vehicles that house them, such as fees, carry and leverage. These indexes isolate sector and regional drivers of performance that fund diversification can obscure. In buyout, APAC IT posted the strongest five-year returns across regions, while other APAC sectors lagged significantly.

Private markets enter 2026 focused on liquidity and a return to basics — a state of affairs that involves more tension than may first appear. Private equity has traditionally relied on a combination of realized improvements as well as the promise of future growth to create value. As we saw in 2020 to 2021, this formula has been aided by market exuberance. Since then, we have seen a reliance on fundamental (but realized) growth to create value.