Private Markets Growing to USD26.7tr by 2030 as Returns Reset

PitchBook expects global private markets to expand more slowly over the next five years, forecasting assets to grow at a 5.7% compound annual rate from USD20.3tr in 2024 to USD26.7tr by 2030.

The private markets growth outlook reflects higher interest rates and weaker distributions reshaping the industry.

Secondaries are projected to more than double from USD700bn in 2025 to USD1.5tr in 2030, while funds of funds may shrink to USD600bn from about USD900bn.

PitchBook said the industry is entering a more mature phase after decades of cheap debt, rising valuations and multiple expansion.

It added that tariffs, geopolitical tensions, inflation and supply-chain pressures mean operational value creation rather than financial engineering will increasingly separate top managers from weaker peers.