Did you know that 76 per cent of institutional investors believe private markets will outperform public markets over the next five years?
Or that global private market allocations have grown to an average of 12.5 per cent of portfolios?
Or that almost 60 per cent of investors believe evergreen funds will equal or surpass closed-end structures as the dominant vehicle to access private markets over the next decade?
Our Private Markets Study 2026 taps into the views of 500 institutional investors managing $6.5 trillion in assets across Asia, Europe and North America.
The study highlights that momentum remains strong, with investors increasingly focused on how private markets fit within portfolios, how returns are generated and access routes. At the same time, issues such as transaction costs, liquidity constraints and valuation concerns continue, highlighting the need for continued innovation in fund structures and governance models.
Strikingly, the picture is uneven across regions and by investor type. A high proportion of European investors are already at target allocations; Asian investors report rising concerns around volatility, while North American investors combine strong growth intentions with heightened sensitivity to liquidity and performance risks.
This study uncovers the key trends, opportunities and barriers investors are navigating in the pursuit of long-term outperformance.
Download the study to explore how private markets will continue to drive institutional investor allocations in 2026 and beyond.
Highlights
Among an array of findings, here are some of the themes investors told us about.
%
of respondents plan to increase allocations to private markets over the next two years
percentage points increase in the number of investors who favour co-investing as their preferred way to access private markets
percentage points decrease in the proportion of investors who cite sustainability as an important or deciding factor in their private market investment decisions
What's covered?
Key sections of the study include:
Regional and investor type highlights
North American, European and Asia-Pacific investors are developing increasingly distinct approaches to private markets. These differences are structural rather than cyclical, shaped by varying levels of market maturity, institutional sophistication and local context.
Asset allocation and return expectations
Investor expectations for private markets performance vary sharply by time horizon. Over the next 12 months, just 2% expect private markets to outperform public markets. Over longer time horizons, however, confidence in the ability of private markets to outperform public markets improves materially.
How investors access private markets
Rather than converging on a single access route, investors increasingly seem to be adopting hybrid frameworks, blending traditional closed-end funds with co-investments, multi-asset vehicles, evergreen structures and, in the case of defined contribution schemes, default-fund solutions.
Risks and challenges
The dominant barriers facing investors today are no longer those associated with novelty or unfamiliarity. Instead, they reflect the challenges that arise when an allocation becomes large, embedded and strategically important.
Sustainability
Investors continue to view sustainability as an important consideration when allocating to private markets. However, fewer now describe it as a primary driver of decision-making. This suggests a market in which sustainability has become more institutionalised and viewed less as a standalone theme.
Webcast: Private Markets Study 2026
Watch David Hedalen, Head of Private Markets Research, Melissa Bockelmann, Head of Private Debt Investment Specialists, Callum Fraser, Head of Private Markets Equity Investment Specialists and Steven Gardner, Head of Institutional, EMEA, as they explore the key findings of our latest study and discuss the implications for 2026 and beyond.
Important information
THIS IS A MARKETING COMMUNICATION
Aviva Investors Global Services Limited (AIGSL). Unless stated otherwise any views and opinions are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. Information contained herein has been obtained from sources believed to be reliable but, has not been independently verified by Aviva Investors and is not guaranteed to be accurate. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Nothing in this material, including any references to specific securities, assets classes and financial markets is intended to or should be construed as advice or recommendations of any nature. Some data shown are hypothetical or projected and may not come to pass as stated due to changes in market conditions and are not guarantees of future outcomes. This material is not a recommendation to sell or purchase any investment.
The information contained herein is for general guidance only. It is the responsibility of any person or persons in possession of this information to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. The information contained herein does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation..
In Europe, this document is issued by Aviva Investors Luxembourg S.A. Registered Office: 2 rue du Fort Bourbon, 1st Floor, 1249 Luxembourg. Supervised by Commission de Surveillance du Secteur Financier. An Aviva company. In the UK this is issued by Aviva Investors Global Services Limited. Registered in England and Wales No. 1151805. Registered Office: 80 Fenchurch Street, London EC3M 4AE. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119178. In Switzerland, this document is issued by Aviva Investors Schweiz GmbH.
In Singapore, this material is being circulated by way of an arrangement with Aviva Investors Asia Pte. Limited (AIAPL) for distribution to institutional investors only. Please note that AIAPL does not provide any independent research or analysis in the substance or preparation of this material. Recipients of this material are to contact AIAPL in respect of any matters arising from, or in connection with, this material. AIAPL, a company incorporated under the laws of Singapore with registration number 200813519W, holds a valid Capital Markets Services Licence to carry out fund management activities issued under the Securities and Futures Act 2001 and is an Exempt Financial Adviser for the purposes of the Financial Advisers Act 2001. Registered Office: 138 Market Street, #05-01 CapitaGreen, Singapore 048946. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
In Canada and the United States, this material is issued by Aviva Investors Canada Inc. (“AIC”). AIC is registered with the Ontario Securities Commission as a commodity trading manager, exempt market dealer, portfolio manager and investment fund manager. AIC is also registered as an exempt market dealer and portfolio manager in each province and territory of Canada and may also be registered as an investment fund manager in certain other applicable provinces. In the United States, AIC is registered as investment adviser with the U.S. Securities and Exchange Commission, and as commodity trading adviser with the National Futures Association.
The name “Aviva Investors” as used in this material refers to the global organisation of affiliated asset management businesses operating under the Aviva Investors name. Each Aviva investors’ affiliate is a subsidiary of Aviva plc, a publicly- traded multi-national financial services company headquartered in the UK.