About this work
Private markets face tighter and less predictable financing conditions. Activity continues despite weak exits and slow changes in valuations, while venture capital and private credit become more concentrated and sensitive to costs and rates. Internal liquidity management delays market adjustment as additional financial claims accumulate on the same assets.
Cite this work
Marcello Estevão, Jonathan Fortun (2026). IIF Global Macro Views: Private Markets and the Pace of Adjustment. Institute of International Finance.