As I was wading through the waters of all our predictions, readers painted a picture of possibilities and pressure in the private markets.
AI, on one hand, is a force multiplier—on the other, it will be unevenly impactful and the losses as the industry consolidates will be staggering. Liquidity, meanwhile, is making a comeback, albeit with a new normal. Velocity is increasing, but so is fragility.
There was also an echo of “bigger, fewer, and with more power,” that the wave of capital concentrating at the largest firms across the private markets is undeniable—and that the middle of the pack is in danger. The message from many of you: Only stark differentiation and scale will survive. Here’s what Term Sheet readers believe 2026 and beyond hold for the various corners of the private markets.
Note: Answers have been edited for clarity and brevity.
Private equity
