Jun 23, 2026 – 5.00amThe messages are decidedly mixed when it comes to private markets. While regulators are worried they’re expanding to a point where they’re eating the regulated and transparent public markets, the industry itself is dealing with the challenges of higher interest rates, tough markets to raise and sell assets, and a loss of confidence among retail investors.So, are private markets on the cusp of enormous growth or have they peaked, weighed down by a multitude of threats? We examine five new realities.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.Fetching latest articles
The five new realities of private markets
They are either on the cusp of a multi-decade boom or mired in a crisis of confidence, depending on who you ask. The reality is somewhere in between.
TL;DRAI
Private markets face regulatory pressure, higher rates, and eroding retail confidence, curbing expansion momentum. Capital constraints directly limit Series C+ availability, M&A valuations, and founder exit optionality.
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