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The Private Markets Macro Outlook 2026 (IFM Investors)

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ReportIFM InvestorsJanuary 202618 pages27 min readOriginal source
Key number
12.3%
US equity year-to-date price return p.3
What changed
20%
Global EV sales growth to 20.7 million p.6

Summary

  • The US equity price return of 12.3% year to date decomposes into 6.9ppts from AI companies and 5.4ppts from the rest.p.3
  • Infrastructure equity outlook points to a capex supercycle driven by maintaining, modernising and evolving existing infrastructure.p.4
  • EV sales rose by 20% globally to 20.7 million, with over 62% of those sales occurring in China.p.6

Key insights

  1. Equity market gains need to broaden out beyond AI to be sustained.p.2
  2. Unlisted infrastructure is presented as an attractive hedge against uncertainty.p.2
  3. Eurozone growth is expected to slow from 2025's pace despite a pickup in Germany.p.3
  4. AI, digitisation and electrification are expected to boost power demand and growth across global energy markets.p.4
  5. The gap between infrastructure needs and funding is expected to remain stark, most notably in the Americas.p.5

Published by IFM Investors (funder profile)

Topics and entities

GlobalUSInfrastructure investmentPrivate marketsBYDG20 Global Infrastructure HubIFM Investors

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