Overview
The Private Markets 700 barometer 2026 tracks and compares responses from 700 institutional investors globally, including senior investment officials from pension funds, foundations, endowments, wealth managers and large investment consultants.
This year we updated our barometer questions to refine its insights into investor attitudes towards allocations, preferred asset categories, expected returns, risks and opportunities within private markets, as they look to balance portfolio resilience and greater selectivity. Learn more about investors’ expectations of private markets in the third year of PM700.
Investors are most eager to expand their infrastructure equity and private equity allocations
This year we asked investors how much they may look to adjust their private markets asset allocations over the coming three to five years. Infrastructure equity and private equity stood out as the most popular categories. We found that 63% of respondents wish to increase the former, of which 20% would like to grow their exposure by 5% to 9.9%.
Private equity was almost as popular, with 62% of investors seeking to expand their holdings, and 18% aiming to increase this amount by 5% to 9.9%.
Meanwhile, 55% of investors say they would like to grow their allocations to infrastructure debt, 52% are looking to add to private debt and 48% say they are interested in increasing their unlisted real estate investments.
Reliability of returns
The stability of infrastructure equity and debt appeals to investors
We offered investors updated categories to help better identify why they invest into each private market asset class this year. This reveals that investors like infrastructure equity because it can offer exposure to long-term themes and offer stable cash flows, while they appear to be attracted to infrastructure debt for its stable income and defensive return profile. This tallies well with their desire to protect their portfolios and seek out appealing long-term investing possibilities.
Investors say private equity appeals because its returns have met or exceeded long-term expectations, and that its active ownership creates value. They feel private debt provides attractive risk-adjusted returns versus public credit and strong downside and capital preservation characteristics. Unlisted real estate appeals for reliable income yield, inflation protection and access to long-term structural demand.
Three product features that would encourage more private markets investment
In 2026, we asked investors what features of a product or mandate would most encourage them to allocate more of their portfolios to private markets. The most popular option is improved liquidity or more flexible redemption terms, a feature highlighted by 39% of investors. They also say more co-investment opportunities would appeal (35%) and would like to gain more granular data on underlying private markets solution exposures (also 35%).
Infrastructure equity and private equity lead expected net returns in 2026
Investors expect higher returns from private equity and then infrastructure equity than any other private markets asset class. Private equity stands as the asset class with the highest targets, at 11.9%, while investors aim to see an average of 10.9% from infrastructure equity. Meanwhile, their mean expected net returns from private debt and infrastructure debt are very close, at 10.2% and 10%, respectively. Investors’ expectations for unlisted real estate stand at a similar level (at 10.4%).
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Private Markets 700 - 2026 research & trends
Explore the 2026 findings from 700+ global institutional investors as they balance resilience and growth through more selective private markets access.