What are this year’s essential trends across macro, policy and key markets?
After scaling a wall of worry, public markets now appear priced for perfection. There are plenty of reasons for optimism, especially in the U.S. economy, but lofty valuations and policy uncertainty pose risks. We see significant opportunity in private markets in 2025 as M&A activity rebounds.
Building on this outlook, 2025 presents a landscape where optimism is plentiful, but markets require careful navigation. While the U.S. economy remains a global standout, the challenge lies in finding attractive valuations in public markets, which are priced for a Goldilocks scenario.
Private markets, on the other hand, offer compelling alternatives, particularly in the middle market, private credit and secondaries. As investors seek to balance risk and return, a diversified approach incorporating private market strategies may be key to capturing value in the year ahead.