North American Private Markets in 2026

In our annual review of the North American private capital market, we examine fundraising, deal-making, and broader market trends relevant to North America-based investors and funds

• North America remains the anchor market for private capital, with fundraising growing to $861bn in 2025 (up from $762bn in 2024) and regional AUM reaching $8.46tn by mid‑2025

• North America-focused private equity secondaries are expected to grow at a faster rate than primaries as LPs and GPs seek liquidity

• Return dispersion has widened across recent-vintage private equity and VC funds; private credit and infrastructure have proved more resilient, reinforcing LP demand for income‑oriented and defensive strategies

• Liquidity‑oriented fund structures are reshaping portfolios, particularly in private credit