Our latest newsletter highlights a year defined by liquidity and adaptability. LPs prioritized cash returns and distributions, embracing secondaries, continuation vehicles, and bespoke solutions as tools for portfolio rebalancing. At the same time, GPs leaned into disciplined underwriting, operational value creation, and selective dealmaking to navigate a challenging environment.

Buy-and-build strategies remained a key driver of value creation, while fundraising became highly concentrated among top-performing, specialized managers. As 2026 approaches, widening performance dispersion and improving financing conditions are set to reshape exit activity and LP allocation decisions.

You can read the full 2025 End-of-Year Recap / 2026 Market Trends Asante Market Pulse at the link below.