Cambridge Associates: Private Markets Reach an Inflection Point in 2026
Cambridge Associates sees private markets at a genuine turning point rather than a simple cyclical recovery. In private equity, continuation vehicles and secondaries are becoming central to LP portfolios as the distribution drought persists, while mega-managers consolidate share and the market bifurcates. On venture capital, the firm cautions against broad seed-stage commitments given how concentrated returns have become in a small number of top managers.