Resilience Through Uncertainty: The Private Markets at H2 2026 (Pantheon)

Summary

• The SaaSpocalypse 48-hour sell-off in February wiped around $285 billion from software-as-a-service valuations.p.3
• In 2025, private equity volumes reached the second highest year for deal volume on record, boosted by the $57 billion buyout of Electronic Arts.p.5
• In private credit, global volumes rose around 70%, and infrastructure volumes grew 30%.p.5
• The 13% distribution rate anticipated for full-year 2025 is up versus 2024 but still far from the 10-year average of 16%.p.5
• In 2025, there were $226 billion of secondaries deals completed globally, up 41% on the previous record set the year before.p.6

Key insights

1. Public debt to GDP is now well over 100% for advanced economies, supporting market liquidity and resilience.p.2
2. The SaaSpocalypse sell-off in February wiped around $285 billion from software-as-a-service valuations.p.3
3. AI-related infrastructure spending may reach $2.6 trillion in 2026.p.3
4. Infrastructure volumes grew 30% alongside higher growth in renewables and larger deal sizes.p.5
5. Infrastructure fundraising in 2025 was up more than 50% from 2024.p.5
6. Private credit global volumes rose around 70%, driven by private equity volumes, refinancing activity and AI infrastructure financings.p.5
7. Around 52% of sellers using the secondary market in 2025 were doing so for the first time.p.6
8. GP-led secondaries deals rose around 50% in 2025, and LP portfolio sales were up around a third year-on-year.p.6