Private markets are entering a new era — less driven by easy leverage and market inefficiencies, and more by genuine operational value creation. As Geof Marshall of CI Global Asset Management notes, the sector has evolved from being “significantly inefficient” to merely “less inefficient”, meaning investors must work harder to uncover returns. While rising interest rates, slower exits and valuation scrutiny present challenges, the next growth wave could be powered by AI, with private capital expected to fund much of the trillions of dollars needed for data centres, infrastructure and emerging technologies.
