In autumn 2025, the outlook for private markets appeared largely cloudless—apart from a somewhat clogged exit pipeline, meaning that private equity exits through initial public offerings (IPOs) remained challenging. Whenever the sector made headlines, it was usually because of its impressive growth rates.
As is well known, that picture has changed considerably in the meantime.
Clouds Gather Over Private Markets
First, several companies that had financed themselves through private credit were no longer able to service their loans this spring, prompting J.P. Morgan CEO Jamie Dimon to issue his now infamous «cockroach warning.»
Second, concerns emerged that many business models in the technology sector—which is heavily represented in private markets—could become obsolete as a result of artificial intelligence (AI).
