With Intelligence

Liquidity remains one of the most significant structural challenges across private markets. A substantial volume of capital remains tied up in ageing private equity portfolios, as exit activity has slowed and holding periods have extended. Average holding periods for portfolio companies rose steadily from 4.3 years in 2017 to a peak of 5.3 years in 2024 before easing slightly to 5.1 years in 2025. The modest decline does not signal a broad reopening of exit markets.

Private equity fundraising showed renewed signs of life in the first half of the year, with managers closing on $312 billion (Figure 1) in capital commitments – more than halfway to last year’s total figure of $490 billion. Fundraising remains concentrated, with the top 20 funds by size accounting for $171 billion – more than half of the capital raised in H1.

Global infrastructure fundraising crushed to a record low $43.4 billion in the first half of 2026. The result is even more remarkable as it follows the all-time record $250 billion raised in 2025, including co-investments (Figure 1). A total of 31 closed-ended funds reached final close globally in the first six months of the year, with the majority raised in Q1.

After a relatively sluggish start to the year, private credit fundraising exploded in the second quarter, with first-half final closes hitting $190 billion – a 53% increase on H1 2025, and just 20% shy of 2025’s full-year total of $240 billion (Figure 1).

This insight is provided by Portfolio Management Research (PMR), the leading source of peer-reviewed investment research. The hedge fund industry is becoming larger, more concentrated and more platform-driven. Capital is moving toward managers with deeper infrastructure, stronger distribution networks, broader technology budgets and more formal risk controls. At the same time, some of the most attractive hedge fund opportunities remain specialized, capacity-constrained and difficult to scale.

Related Insights: Infrastructure Outlook 2026: Fundraising Shifts Up a Gear

The findings in this report are based on proprietary With Intelligence data. The sources are from the With Intelligence platform, focusing on US-based investors’ completed mandates in 2025 where a named investment consultant advised on manager selection. This includes newly awarded mandates and those issued for reweighting purposes. Investment consultants have played an important role in institutional investment management in the US for many decades.

This insight is provided by Portfolio Management Research (PMR), the leading source of peer-reviewed investment research. Private credit entered 2026 with a credibility question at its center, namely: can managers prove the values sitting inside their portfolios?

Liquidity remains a defining challenge across private markets. Although average private equity holding periods fell slightly in 2025 to 5.1 years, down from a peak of 5.3 years in 2024, they remain elevated compared with 4.3 years in 2017. A substantial backlog persists, with many portfolio companies held for seven years or more. Residual value also remains high. Approximately 35 percent of value is still locked in 2014 and 2015 vintage funds, limiting investors’ ability to recycle capital.

The two leading artificial intelligence-focused hedge fund operations are now – seemingly overnight – managing a remarkable $40 billion between them, a sum fueled by outsized investment performance and rapid investor commitments colored by a societal nod to the transformative power of AI.