Our latest newsletter highlights a market in transition. While U.S. GPs continue to deliver strong performance, LPs are scrutinizing operational value creation, realized liquidity, and differentiated deal flow more than ever. Spinouts, first-time funds, and smaller middle-market managers are gaining attention as LPs seek alpha outside crowded large-cap strategies.

Changes in U.S. legislation and tax structures are reshaping fundraising and allocation decisions, further driving focus toward GPs that can demonstrate both disciplined returns and partnership through co-investment opportunities.

You can read the full Q3 2025 Asante Market Pulse at the link below.