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.
Investment holding periods for private assets
In 2025, investments are being held in private markets long term
The average private markets investor plans to hold these assets for about five-and-a-half years. For 14% of respondents, it’s a seven to nine-year commitment.
Investor rationale for infrastructure equity and debt is clear
Investors turn to infrastructure equity in search of higher financial returns, while, for infrastructure debt, managing portfolio risk is the top driver. In fact, in 2025, risk management usurped the illiquidity premium as infrastructure debt investors’ core rationale.
Infrastructure equity
In 2025, 46% of respondents cited increased returns as their main rationale for investment in infrastructure equity (up from 41% in 2024), followed by risk management (43%). Exerting influence on assets was also a key consideration for infrastructure equity investment.
Infrastructure debt
The biggest driver for infrastructure debt investment in 2025 was managing risk (45%), followed by illiquidity premium (40%). Advocacy from beneficiaries or members ranked third in investment rationale (38%), alongside having a greater direct influence on the energy transition.
Investors expect infrastructure equity net returns to be up 200+ bps on 2024 and infrastructure debt net returns to be up +170 bps YoY.
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Private Markets 700 - 2025 research & trends
New research shows institutional investors are asking more from their private markets' allocations – more risk management, higher returns and more sophisticated solutions. Explore the latest private markets trends and strategies, according to 700+ investors.