Hamilton Lane Flags AI-Driven Shifts as Private Markets Face Structural Upheaval

Event summary

  • Hamilton Lane's 2026 Market Overview highlights AI as the dominant factor reshaping investment returns and activity.
  • Secondaries market remains robust with supply outpacing capital, offering attractive entry pricing and portfolio flexibility.
  • Private credit shows resilience with 24 consecutive years of outperformance against public benchmarks.
  • 2025 marked the second-highest year for aggregate distributions, yet exit activity in private equity and real assets remained subdued.
  • Hamilton Lane manages $1.0 trillion in assets as of December 31, 2025, with $146.1 billion in discretionary assets.

The big picture

Hamilton Lane's report underscores the irreversible shifts in global investing driven by AI, geopolitical fragmentation, and technological disruption. The firm emphasizes the need for adaptability in manager selection and liquidity models as private markets face structural changes. With $1.0 trillion in assets under management, Hamilton Lane's insights highlight the strategic importance of private credit and secondaries in a volatile investment landscape.

What we're watching

AI Concentration Risk
How the dominance of AI-linked companies in public markets will affect private market diversification strategies.
Secondary Market Growth
Whether the secondaries market can sustain its growth trajectory given current supply-demand dynamics.
Private Credit Resilience
The pace at which private credit's resilience will be tested amid potential economic downturns.