Private markets are entering a new era of expansion, with a new report forecasting global alternative assets to climb to $32 trillion in AUM by 2030, including private equity, credit, venture capital, real estate, infrastructure, hedge funds, and natural resources.
The Private Markets in 2030 Report from Preqin, part of BlackRock, includes expectations of a rebound in private equity deal flow later this decade, following several years of sluggish exits and constrained liquidity,
The report highlights three triggers that could reignite fundraising: lower policy rates, narrowing valuation gaps between buyers and sellers, and a continuing rotation of capital from public to private markets.
“As we look toward 2030, private markets are entering a new era of growth, one defined by innovation, resilience, and strategic reallocation,” says Cameron Joyce, director and head of Research Insights at Preqin. “This transformation is not only cyclical but structural.”
Private equity AUM is projected to approach $11.8 trillion by 2030, with fundraising momentum accelerating after 2027 as liquidity conditions improve and wealth managers expand allocations.
Private credit remains one of the fastest-growing corners of the market, with assets forecast to more than double to $4.5 trillion by 2030. The expansion is being fueled by the rise of semi-liquid fund structures, regulatory shifts that open access to retirement and retail investors, and a broader trend of bank disintermediation.
Partnerships between lenders and private credit firms are expected to deepen, while direct lending strategies (projected to reach $1.7 trillion) continue to capture demand from middle-market borrowers shut out of traditional financing.
Infrastructure investment is on track to near $3 trillion in AUM by 2030, propelled by Europe’s energy transition, modernization programs, and digital infrastructure buildout. In North America, data center expansion linked to AI adoption is expected to drive energy and telecom investment, reinforcing infrastructure’s appeal as a stable income generator amid broader market volatility.
Preqin also forecasts a significant shift in capital sourcing, as private wealth investors including family offices and affluent individuals gain influence.
The traditional 60/40 portfolio mix has already given way to a 50/30/20 model, with private markets forming a larger share of diversified holdings. Wealth channels and semi-liquid vehicles are expected to underpin the next fundraising cycle, giving advisors new tools for long-term portfolio construction.
“The convergence of public and private markets is reshaping investor expectations, driving demand for transparency, standardized data, and whole portfolio solutions,” adds Joyce. “Investors who embrace this evolution, powered by AI-driven efficiencies, infrastructure-led expansion, and a more unified investment data ecosystem, will be best positioned to capture long-term value.”
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