The Outlook arrives at a pivotal moment as a once-in-a-generation capital expenditure cycle—driven by AI and public-private market convergence—is reshaping the global economy. Many companies are staying private longer, enabled by the unprecedented depth and size of private markets, which—in a dramatic increase from a decade ago—are now estimated to be worth nearly USD20 trillion.

For decades, demand for private assets was driven primarily by institutions and the world’s wealthiest investors. Today, that dynamic is shifting: Retail investors and retirement systems around the world are increasingly participating in private markets. Regulatory changes are enabling the expansion of alternatives in 401(k) plans, and pension funds are pledging significant investments to domestic businesses and infrastructure. This democratized access is changing the investor base and fueling further growth in private markets.

Maximizing the impact of alternative investments depends on uncovering opportunities others can’t see. Our Outlook provides access to expert insights into alternatives from one of the industry’s largest diversified teams. As part of J.P. Morgan Asset Management, our investors offer the power of global perspective.

This year, we focus on a once in a lifetime investment cycle that is changing the very nature of the global economy.

While questions around valuations, transparency and liquidity remain, these key facts offer signs of a market evolving. The next phase will reward selectivity, discipline and the ability to connect signals across public and private markets. With the right expertise and perspective, investors can participate in the drivers of this emerging capital cycle and help define the future of global investing.

We are excited to share our perspective and help investors understand—and shape—the future.