Private market investors have been feeling the effects of slower exits and fewer distribution events, particularly in venture. That strain has made it harder for families to keep commitment pacing steady, even when their long-term conviction has not changed.
In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sat down with Deputy CIO Matt Farrell to discuss what many are calling a “thaw” in private markets. The core question was simple: Are we seeing real improvement in liquidity, or just hopeful headlines?
They discuss:
- What a “thaw” looks like, and why private market data comes late
- Why Q3 distributions rose, led by a handful of large deals
- How the post-2021 reset changes what “normal” looks like now
- Why vintage-year pacing still matters when liquidity supports it
- Where we are looking: materials for the AI buildout, plus power and energy demand
- Why “picks and shovels” can limit reliance on one winner
Improving distribution activity would be a welcome change, but it does not remove the need for discipline. For families who plan for illiquidity, size commitments carefully and diversify by vintage, private markets can still play an important role.
To discuss how these themes may relate to your portfolio, please contact us.
Important Information:
The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.
