Liquidity in private markets should improve in 2026, driven by more realistic valuations, growing GP-led activity, easing financing costs, and selective IPO and trade-buyer exits, says Pantheon’s Head of International Private Wealth, Victor Mayer.
Private wealth is stepping into a new phase of its relationship with private markets. The focus is shifting from near-term liquidity constraints to long-term portfolio construction, as investors looks for resilience and diversification in increasingly concentrated and volatile public markets.
From Asia’s accelerating wealth creation to the rise of evergreen structures, the wealth channel is preparing for a multi-year expansion in private markets’ allocations. Secondary strategies, once the domain of institutions alone, now sit at the center of this shift. They shorten duration, smooth compounding, and help wealth clients navigate an environment where uncertainty is not the exception but the baseline.
The GPs serving this evolving audience are reorganizing at speed; consolidating, hiring, reshaping product lines, and building the architecture required for global distribution. Mayer says, those who stay close to their clients, deliver portfolio performance with fundraising discipline, and offer simple, intuitive access will be best positioned to lead in 2026 and beyond.
“Asia is the fastest growing wealth region and the most under allocated to private markets. The opportunity is extraordinary.”
Victor MayerHead of International Private Wealth“Asia is the fastest growing wealth region and the most under allocated to private markets. The opportunity is extraordinary.”
Victor MayerHead of International Private Wealth