Private equity deal and exit activity have picked up in 2026, but valuations remain elevated and the macro environment is still demanding. How is this shifting PE allocations? Diana Sands and equity product specialist Bryn Gostin dive into what's actually changed in the market, how drawdown and evergreen structures can play distinct roles in a portfolio and what it takes to construct a durable PE allocation when the old playbook no longer applies.

In our view, secondaries’ turnkey access to a diversified portfolio makes the asset class an increasingly important complement and potential core portfolio allocation.

Wider performance dispersion in private markets is elevating the role of manager selection, with implications for asset allocation, risk management, and long-term returns.