EQT

The alternative asset industry's long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.

A market repricing tied to AI disruption fears is forcing private equity and credit investors to reassess exposure to one of their most crowded sectors.

Secondaries are no longer just an exit solution for institutions—they’ve become private equity’s front-line pitch to private wealth, reshaping how capital enters the asset class.