AI Private Markets Report 2025

Private markets are continuing in 2025 with both promise and pressure. While the industry has proven resilient in recent years, today’s environment requires sharper execution, faster adaptation, and greater trust from investors. Four themes stand out as particularly influential for firms navigating these new dynamics.

The rise of private debt in APAC: Private debt is gaining momentum in Asia-Pacific, as investors seek diversification and steady returns beyond traditional markets. With the asset class still maturing in the region, competition for deals is intensifying, and success hinges on assessing risk with both speed and precision.

Fundraising and M&A headwinds in APAC: In Asia-Pacific, fundraising conditions remain challenging, and M&A volumes have not rebounded as strongly as expected in 2025. Investors are more selective, demanding greater differentiation and transparency, while managers must demonstrate resilience and efficiency to maintain confidence in a slower dealmaking environment.

Cyber security as risk and opportunity: Cyber security is both an attractive investment theme and a fundamental operational priority. The firms that thrive are those recognizing cyber resilience as more than compliance — it is a foundation for trust and long-term value creation.

Trust in Artificial Intelligence: AI is moving rapidly from experiment to necessity. Early fears are being addressed through robust safeguards and human oversight, and leaders are beginning to recognize its potential to accelerate due diligence, enhance portfolio monitoring, and sharpen competitive advantage. Firms not exploring AI now risk being left behind.

Taken together, these trends point to an industry at a crossroads. The firms that succeed will be those that embrace innovation while reinforcing resilience—moving decisively, protecting trust, and positioning themselves to seize opportunities as the cycle turns.