Private Market Updates

IPOs are an important part of the life cycle of issuers in the private market, providing large-scale liquidity that allows investors to recycle capital, return proceeds to LPs and raise new funds. After several years of subdued activity, the IPO market in 2025 did just enough to signal a reopening. A total of 24 IPOs, up from the 17 to 18 annual listings seen in “normal” years, marked a modest but meaningful improvement and laid the groundwork for what could be a stronger environment in 2026.