We are pleased to share our Q3 2025 Keystone Market Update, which reviews near-term private markets activity and the evolving structure of the GP marketplace.
Public markets have reached new highs, despite lingering tariff and inflation pressures. Meanwhile, despite improvement in IV spreads, private markets remain challenged by the “NAV overhang” issues that continue to limit exit momentum. Fundraising pressures have continued to mount, with fewer new firms being formed, increased “zombification” rates, and a growing share of managers facing consolidation. At the same time, the rise of wealth and insurance capital continues to reshape AUM growth in favor of the largest platforms.
In this update, we unpack the challenges and potential opportunities created by these market dynamics for both GPs and LPs.
You can find the full market update here.
As always, we welcome your feedback and questions.