2026年上半年全球基金银行业展望报告（英文版）-

TrendsImpacting

PrivateMarkets

GlobalFundBankingOutlookReportH12026

2

Introduction

Near-PeakActivity,UnevenConfidence

Near-recordinvestmentlevelsinprivatemarketshavegeneratedbullish

headlines.ButbasedonourGlobalFundBankingsurveydatafrommorethan200privatefundCFOsandCOOs,plusinsightsfromhundredsof

conversationswithmarketparticipantsourteamhashadoverthepastfewmonths,it’sclearthatnoteverybodyintheindustrysharesthesame

enthusiasm.

Onthepositiveside,anuptickinbuyoutdealsandmegaAIdealshaspushedupinvestmentnumbers.AtSVB,asinvestmentactivityanddeployment

accelerate,we’veseenanincreaseincapitalcalllineusage.Borrowinglevelsamongearly-stageventureandbuyoutfundshavereturnedtopre-

correctionnorms.Oursurveyshedslightonthedriversbehindthesetrends.

We’realsoseeingimprovedconditionsinexitmarkets,asIPOandM&A

volumeshavereboundedsomewhatfollowingaprolongedanddifficultperiod.

Duringtheexitdoldrums,managershaveactivelypursuedalternative

pathwaystoliquidity.Thisisespeciallytrueamongprivateequity(PE)funds.Increaseduseofliquidityvehicleshashelpedbridgethegapcreatedbythe

slowerreopeningoftraditionalexitchannels.

Andyet,fundraisingsentimenttellsamorecautiousstory.Despitestrongerdeploymentandimprovingexitnumbers,we’veseensofteninginthe

fundraisingoutlook—particularlyinventurecapital(VC).Thelaggedeffectsofseveralyearsofconstrainedexitmarketscontinuetoweighonlimitedpartner(LP)allocationpacing,extendingfundraisingtimelinesevenasheadline

investmentactivityhasrampedup.

Takentogether,Iseethesetrendsasareflectionofmixedsentimentinthemarket.Whilethewaythingsplayoutin2026isuncertain,weremain

confidentintheprivatemarkets’resilience.

Weproducethisreporttosupportyoursuccessandthatofthebroaderprivatemarketecosystem,andoweadebtofgratitudetothemanyclientsand

industryexpertswholenttheirinsightstothisedition.Echoingtheirgenerousspirit,Iwelcomeyoutosharetheseinsightswithyourcolleaguesand

networks.

PerspectivesonPrivateMarkets

ImportanceofPrivateMarkets

“LPsrealizethattheworldis

changingdramaticallywithAI.Companiesarestayingprivatelonger,andyoucan’tcaptureasmuchvalueinpublic

markets.LPsaretakingsomeofwhattheywouldallocatetopublicsandmovingitto

theprivateside,evenwithallocationandDPIissues.”

AngelaSibleyPartner

laLightspeed

AreLPPortfoliosTooBig?

“LPsaremanagingincreasingly

largeGProsterswhiletheirtimeandattentionremainfinite.As

multiplemanagersreturnto

marketatthesametime,LPsarebecomingselectiveaboutthe

relationshipstheyprioritize,

whichcouldleadtosomerosterconsolidation.”

BrittanyHargestPartner

DPI:Today’sBiggestConstraint

“Thebiggestconstraintfora

lotoffundstodayisalackofdistributions.WhileLPsmay

reallylikewhatafundisdoing,theymaynothaveliquiditytocommittothenextfund.”

SamBendixPartner

TimingMattersforDistributions

“IfaGPdoesn’tsellordistributetheirsharesafteranexit,itis

notaliquidityeventfortheLP.

Whenthemarketisdown,GPsmaybereluctanttocrystallize

potentiallosses(especially

holdingswithhighentry

valuations).Thiscreatesan

overhangofundistributedpublicpositionsandcandelay

distributionstoLPs.”

AnnLeeSteinbergPartnerandCOO

H12026GFBOUTLOOKREPORT3

Contents

05

Macro

07

Fundraising

12

LPTrends

15

FundFinance

20

Exits

23

Spotlight:OperatingBestPractices

26

Appendix

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COMMUNITY

ADVICEFROMSVB'SNETWORK

“LPsareprioritizingspecialistplatforms.Fundsshouldhaveatruesourcing

advantageand,mostimportantly,avaluecreationpath.”

SamBendix

Partner,ChicagoPacificFounders

Page13

H12026GFBOUTLOOKREPORT4

Macro

Privatemarketsdashboard

H12026GFBOUTLOOKREPORT5

PrivateMarketsDashboard

Fundraising

US-basedfirms,bydateclosed($B)1

PE:Buyout

$254B

$256B

PE:Growth

$82B

$68B

VC

$63B

$75B

Privatedebt

$103B

$149B

$478B

Investment

US-basedcompanies($B)2

PE:Buyout

$352B

PE:Growth

$80B

$89B

VC

$319B

$213B

PerformanceRolling1Yreturn3

PE:Buyout

8.8%

8.4%

PE:Growth

17.1%

10.5%

VC

0.1%

3.6%

Privatedebt

4.7%

7.9%

Legend

2025

2024

Exits

US-basedcompaniestotalexitvalue4

IPOs

$291B

$124B

M&A

$455B

$203B

Buyout

$299B

$152B

Notes:1)BasedonfundclosedataforUS-headquarteredfundmanagers.2)VCincludesallseries,stagesandroundnumbers.VCexcludescrowdfunding,grantsandequityfor

service.BasedonUS-headquarteredcompanies.3)Globaldata;internalrateofreturn.Datafor2025asofJune30,2025.4)IPOsincludesecondaryofferingsandreversemergers.Buyoutincludessecondarybuyouts.BasedonUS-headquarteredcompanies.Databasedonaggregateexitvalue.

H12026GFBOUTLOOKREPORT6

Sources:Preqin,PitchBookData,Inc.andSVBanalysis.

Fundraising

Sentimentfallsdespitefundraisingstabilizing

H12026GFBOUTLOOKREPORT7

Non-FlagshipFunds

GainingShare

Acrossfundtypes,thetrendwaslargelythesameaslastyear:slightlymoredollarsraisedyetfewerfundsclosed.Bifurcationamongfundscontinued,withthetopfive

fundsaccountingforanywherefromone-quartertoone-thirdofallfundraisingdollarsin2025,dependingonthefundtype.Ontheotherendofthespectrum,atleastforVC,smallerfunds(definedhereassub-$150M)heldtheirshareofcapitalsteadyatapproximately20%.

Whathaschangedarethetypesoffundvehiclesfirmsareraising.Whensurveyedonlastyear’ssourcesof

fundraisingcapital,only19%ofrespondentsraised

capitalsolelyforaflagshipfund.Saiddifferently,about80%ofallrespondentsraisedcapitalfromanon-

flagshipfundatsomepointin2025.Amongtheoptionsprovided,co-investmentfundsandspecialpurpose

vehicles(SPVs)werethetopchoices.

Thisstaggeringnumberlinesupwithfundraisingtrends.Non-flagshipfundshavebeensteadilygrowingasa

percentageofthefundraisingmarket,nearlydoublingtheirshareoffundsraisedandtriplingtheirshareofcapitalraisedsince2018.Goingforward,firmswill

continuetoleveragetheinnovationinfundstructurestodoubledownonperceivedwinners,alignwithstrategicpartnersandprovideliquiditybacktoLPs.

svb》SBianck。nvaley

ADivisionofFirstcitizensBank

FundraisingRemainedBelowPeakLevelsbutShowedSignsofStabilizationTrailing12-monthUSfundsclosedandfundraisingbyfundtypeanddateclosed

$150B

$120B

$90B

$60B

$30B

$0B

$500B

$400B

$300B

$200B

$100B

$0B

500

400

300

200

100

0

500

400

300

200

100

0

$200B

$160B

$120B

$80B

$40B

2,500

2,000

1,500

1,000

500

0

FundcountAggregatecapitalraised

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

$0B

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

VentureCapitalGrowthBuyouts

FlagshipandCo-InvestmentDriveSourcesofFundraisingCapital

Q:Inthelast12months,fromwhichofthefollowingfundtypeshasyourfirmraisedcapital?

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

30%

25%

20%

15%

10%

5%

Non-FlagshipFundraisingTrendsUp

Shareofnon-flagshipglobalfundraisingforVCandPEbyyear2

FundcountCapitalraised

0%

Flagshipfund Co-investmentNofundraisingactivity

SPVs

CVsorsecondaries1

Sidecars

41%ofsurveyrespondents

reportedraising

co-investmentcapitalinthelastyear.

57%

41%

26%

25%

13%

11%

Notes:1)CVsarecontinuationvehicles.2)Non-flagshipfundsdefinedasopportunityfunds,SPVs,secondaryfunds,co-investmentfundsandcontinuationvehicles.DataisforonlyglobalPEandVCfunds.

H12026GFBOUTLOOKREPORT8

Source:Preqin,SVBsurveyandSVBanalysis.

LackofExitsStilla

LoomingIssue

Fundraisingsentimentislargelyunchangedfor2026,thoughVCfirmsturnedslightlymorenegative.Aweakexitmarketandlackofliquiditywerethetopfactorscontributingtothisview.However,amongVCrespondents,“lackofLP

interestinprivatemarkets”sawathirdconsecutiveincreaseinresponserate.Thisisnosurprisegiventhelackof

distributionsandmarketrecalibration.AsAnnLeeSteinberg,PartnerandCOOatTidemark,noted,“Anytimethereis

publicmarketvolatilityoradownturn,thereisadoublewhammyeffect.First,privatesincreaseasapercentageoftheLP’sportfolioduetothedenominatoreffect,whichmakesithardtoplan.Second,exitsstalland

distributionsgetpushedout,causingliquidityissues.”

Thispreventstherecyclingofcapitalnecessaryforthenextfundraisingwave.

Somefactorshavesoftenedrelativetoprevioussurvey

results.Fearsovermacroissuessubsidedasfirmsgotmoreclarityoninterestrates.Geopoliticalfearsdeclinedasfirmshadmoretimetodigesttheimpactoftariffsandafull-blowntradewarfailedtomaterialize.Itisworthnotingthesurvey

closedpriortotheconflictintheMiddleeast,andmacroissuesandgeopoliticalfearshavelikelyrisenasaresult.

Lookingahead,whilePEfundraisinghasn’ttracked

sentimentfromPEfirms,VCfundraisinghastendedtotrendsimilartosentiment.ThiscouldsignalasofteninginUSVCfundraisingin2026.

svb》SBianck。nvaley

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FundraisingOutlookSoftensforVC

Q:Howdoyouviewthefundraisingenvironmentgoingforward?

EasierAboutthesameMoredifficult

LackofExitsTopFactorforFundraisingViewQ:Whatfactorsarecontributingtothisview?

H12025H22025H12026

Lackofexits

Competitionforcapital

Macroenv.

Trackrecord

Geopolitics

LPinterestinprivatemarkets

Techshifts

7%

21%

72%

16%

25%

49%

25%

28%

72%

31%

49%

20%

33%

45%

22%

21%

VC

53%

67%

31%

12%

6%

23%

71%

7%

29%

64%

19%

61%

20%

24%

50%

27%

24%

60%

16%

24%

51%

24%

30%

51%

19%

PE

H1'23H2'23H1'24H2'24H1'25H2'25H1'26

0%10%20%30%40%50%60%70%

80%

VCFundraisingTracksSentiment;PELessSo

Shareofsurveyrespondentsbelievingfundraisingwillimproveinthenext12monthsand1Yforwardfundraisingforeachassetclass1

CurrentFundraisingSentimentSkewsLowerQ:Onascaleof1to10,howchallengingdoyouviewthe

fundraisingenvironmenttoday?

Expectationfundraisingwillimprove

1Yfwd.fundraising

Harder

Neutral

Easier

10987

65

4

321

69%

25%

6%

ofrespondents

ofrespondents

ofrespondents

fellwithinthe

fellwithinthe

fellwithinthe

negativearea

neutralarea

positivearea

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

-50%

PE

VC

PE

VC

H1'23H2'23H1'24H2'24H1'25H2'25H1'26

Notes:1)OneyearforwardfundraisingforallyearsexceptforH22025,whichissixmonthsannualizeddata.

Source:Preqin,SVBsurveyandSVBanalysis.H12026GFBOUTLOOKREPORT9

VCandGrowthFundraisingandShareofCapitalforSelectStates1

32%

27%

24%

23%

$13B

$15B

2019

2020

2021

2022

2023

2024

2025

$16B

$35B

$77B

$82B

$49B

$33B

$39B

16%

15%

14%

13%

RestofUS

$19B

$40B

$28B

$22B

$23B

6%

2019$49B

2020$67B

2021$103B

2022$111B

2023$63B

2024$51B

2025$54B

ullu

2019

2020

2021

2022

2023

2024

2025

$3B

$3B

$8B

$10B

$5B

$8B

$6B

2019

2020

2021

2022

2023

2024

2025

$15B

$20B

$32B

$26B

$16B

$29B

$15B

2019

2020

2021

2022

2023

2024

2025

4%

4%

20%

50%

2%

15%

10%

11%

飞

38%

38%

4%

1%

2025Breakdown

16%

38%

27%

11%

4%

CAILMANYTX

RestofUS

Legend

ShareofcapitalraisedTotalcapitalraised

4%

$4B

$3B

$8B

$3B

$5B

$6B

$5B

4%

2019

2020

2021

2022

2023

2024

2025

Notes:1)BasedonfirmHQlocationandfundclosedate.

H12026GFBOUTLOOKREPORT10

Source:PreqinandSVBanalysis.

PEBuyoutFundraisingandShareofCapitalforSelectStates1

33%34%36%

$102B

$62B

$69B

$70B

$117B

$74B

$91B

RestofUS

27%

2019

2020

2021

2022

2023

2024

2025

22%18%

12%

14%

2019$43B

2020$31B

2021$38B

2022$31B

2023$63B

2024$41B

2025$55B

20%

21%

16%

26%

18%

2019$80B

2020$57B

2021$69B

2022$71B

2023$94B

2024$54B

2025$24B

2019$19B

2020$44B

2021$21B

2022$41B

2023$22B

2024$26B

2025$50B

2019$30B

2020$4B

2021$13B

2022$4B

2023$7B

2024$38B

2025$15B

$36B

$12B

$47B

$41B

$47B

$16B

$17B

2019

2020

2021

2022

2023

2024

2025

10%

15%

2025Breakdown

10%22%

20%6%

7%36%

CAILMANYTX

RestofUS

10%

14%

12%

7%

Legend

ShareofcapitalraisedTotalcapitalraised

Notes:1)BasedonfirmHQlocationandfundclosedate.

H12026GFBOUTLOOKREPORT11

Source:PreqinandSVBanalysis.

LPTrends

WhereLPsaredeployingcapital

H12026GFBOUTLOOKREPORT12

WhereLPsAre

DeployingCapital

Despitecontinuedattentiontomega-AIVCdeals,LP

appetiteforlate-stageVChasdeclined.Allocatorsmaybecautiousaboutcommittingtofundsdeployingcapitalat

whatcouldprovetobeavaluationpeak.Instead,capitalisshiftingtowardmorepredictablestrategies.

Growthequityremainsoneofthemainbeneficiariesofthisshift.LPsareshowingincreasedinterestinfundstargetingestablishedcompanieswithclearrevenuemodelsandsteadypathstoprofitability.Buyout

strategiesalsoremainfirmlyinfavor,particularlyinthelowermiddlemarket,whereinvestorscontinuetosee

opportunitiesforoperationalimprovementandvalue

creation.Interestinrealassetshasalsoreturned.Afterachallengingresetintheremoteworkera,realestateandinfrastructurefundraisingimprovedin2025.

Privatecreditisaselectiveopportunity.TheshareofLPs

interestedinmeetingnewmanagersdoubledfrom2023to2024andremainedaroundoneinfourin2025.Withinthatstrategy,directlendingaccountedforabouthalfof

fundraisingdollars.

Acrossallstrategies,differentiationiskey.AsSamBendix,PartneratChicagoPacificFounders,noted,“LPsare

prioritizingspecialistplatforms.Fundsshouldhaveatruesourcingadvantageand,mostimportantly,a

valuecreationpath.”

svb》SBianck。nvaley

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InfrastructureRealestateFundcount

1,000

LPInterestIncreasesinRealAssets,GrowthPercentageofLPsinterestedinnewmanagercommitments,

byassetclass

mVC:Early-stagemVC:Late-stagemGrowthBuyoutRealassetsCredit

EndowmentsMoreFocusedonRealAssets

PercentageofLPsinterestedinnewmanagercommitmentsin2025,byLPtype

Foundations/endowmentsOtherLPs

Buyout

Growth

Realassets

VC:Early-stage

VC:Late-stage

Credit

60%

97%

89%

63%

64%

61%

29%

45%

24%

21%

19%

29%

202357%55%38%73%20%13%

71%

52%

39%

26%

24%

2024

84%

202550%

22%

64%91%39%26%

MostCreditFundraisinginDirectLendingPortionofglobalprivatedebtfundraisingforeachstrategy1

RealAssetsFundraisingSpikesin2025USrealassetfundraisingbyamountraisedandfundcount

Directlending

51%

Other

$250B

$200B

$150B

$100B

$50B

$0B

5%

800

600

400

200

0

Multistrategy11%

Distressed

10%

Realestatedebt

11%

Special

situations

12%

20182019202020212022202320242025

Notes:1)Datacoversfundraisingin2024andH12025.

Source:SVBproprietarydata,Preqin,PitchBook’sH12025GlobalPrivateDebtReportandSVBanalysis.H12026GFBOUTLOOKREPORT13

LPBase:Diversified

andInternational

Asmanagersraisesuccessivefunds,theirLPbasestendtobecomelessconcentrated.Usinganindex,1wesee

morediversificationlaterinafundseries.Thistrendis

particularlypronouncedinVC,wherefunds6+show

greaterdiversificationthanPEfunds6+.AbroaderLPbasecansupportthelong-termstabilityofaplatform.AsSamBendix,PartneratChicagoPacificFounders,advised,“BestrategicabouthavingadiverseLPbase.It’simportantfortheviabilityofyourfund’sbusinessmodel.”

ForeignLPsareplayinganimportantroleindiversification.“ThereiscertainlymoreinterestfromforeignLPstoinvestintheUStoday,”notedBendix.InterestfromtheMiddle

Easthasbeenespeciallynotable.AngelaSibley,PartneratLightspeed,remarked,“Weseealotofinterestfrom

MiddleEastSWFs,1buttheygenerallyengageasmallnumberofstrategicpartners.”ThismeanscompetitionamongfundmanagerscanbefiercefortheseLPdollars.

BytypeofLP,themixofcommittedcapitalhasremainedrelativelystableyearoveryeardespiteliquidityconcerns

amongendowmentsinparticular.Still,wemightexpect

lowercommitmentsfromthisgroupinthefuture.BrittanyHargest,PartneratAltosVentures,cautioned,“Many

fundsthathaveraisedrecentlyareexpectinga

foundationandendowmentfalloutbecauseofthose

LPs’liquidityconstraints,whichcanfurthertrickledowntofund-of-funds,giventheirunderlyingLPbase.”

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68%

Institutional

LPBaseMoreDiversifiedOverTime

AverageHHI(concentrationindex)byfundseriesnumber2

FundsLookAbroadforNewLPs

AveragepercentageofLPsfromoutsidetheUS,byvintageyeargroup

’17-’19m’20-’22m’23-’25

51%

48%49%

47%

41%

38%

PEVC

PEVC

LessMore

diversifieddiversified

400

500

600

700

800

VC:Muchmore

diversifiedovertime

PE:Diversificationincreasesmodestly

Fund1:Low

Funds6+

diversification

ofLPbase.

1-23-56+

Fundseriesnumber

VC2024vintage

Other

HNW

28%

Pensions

15%

FO

8%

FoF

11%

64%

Institutional

Found./Endow.

20%

Corp.

7%

11%

FoundationsandEndowmentsContinuedtoAllocatein2025VintageFundsAveragepercentageofcommittedcapitalfromeachLPtype,byfundtypeandvintage3

PE2024vintagePE2025vintage

VC2025vintage

8%

Found./Endow.

22%

Pensions15%

FoF

17%

FO

9%

22%

OtherCorp.8%7%

Pensions13%

Other

6%

Insur.

HNW

HNW

25%

FO

7%

FoF13%

Found./Endow.28%

69%

Institutional

69%

Other

6%Insur.

9%

Pensions13%

Found./Endow.

20%

HNW

20%

FoF

21%

FO

11%

Institutional

Notes:1)Sovereignwealthfunds.2)TheHerfindahl-HirschmanIndex(HHI)measurestheconcentrationofafund’sLPbasebysummingthesquaresofeachLP’sshareoftotalfundcommitments.Basedonasampleoffundswithatleast30LPsandvintages2009-2026.3)Insur.is

insurancefirms.FoFisfundoffunds.Found./Endow.Isfoundationsandendowments.FOisfamilyoffice.HNWishighnetworthindividualsoraggregators.Corp.iscorporates.

H12026GFBOUTLOOKREPORT14

Source:SVBproprietarydataandSVBanalysis.

FundFinance

Borrowingreturnstonearpeaklevels

H12026GFBOUTLOOKREPORT15

RateCutsNeededto

DriveBorrowing

Interestrateshavedeclinedfromtheirpeakandmost

investorsexpectmodesteasingthisyear,withroughlytworatecutsanticipated.Atthesametime,theFederal

Reservecontinuestobalancecompetingpressures.

Inflationremainsabovethe2%target,withtheCPIat

2.4%.1Andmedium-termmarketexpectationsremain

elevatedaroundthatsamelevel.2Policyuncertaintyalsopersists.AlthoughtheSupremeCourtstruckdownthe

reciprocaltariffs,theadministrationispursuingstickier

alternativesthatcouldstillputupwardpressureonprices.

Thepathofratesremainsimportantforfundborrowing

decisions.Onaverage,managersindicatethatthey

wouldincreasecapcalllineusageifratesdeclinedby2.6percentagepoints.Currentprojectionsfallwell

shortofthatthreshold.WiththeFedexpectedtocutthefederalfundsratebyabout0.5percentagepointsthisyear,benchmarkratessuchastheSOFR3andprimeratewouldlikelyremaintoohightomeaningfullychangeborrowing

behaviorontheirown.

Evenso,ratecutsmaystillinfluencecapcallborrowing

activitythroughadifferentchannel.Lowerratestendto

supportdealmakingandinvestmentactivityacrossprivatemarkets.Apickupininvestmentactivitycouldultimatelyprovetobethemoreimportantdriverofborrowing

demand.

svb》SBianck。nvaley

ADivisionofFirstcitizensBank

Jan.,20

Jul.,20

Jan.,21

Jul.,21

Jan.,22

Jul.,22

Jan.,23

Jul.,23

Jan.,24

Jul.,24

Jan.,25

Jul.,25

Jan.,26

Jul.,26

6.22%

3.15%

11%

6%

20%

6%

57%

Yes,by91+daysYes,by61-90days

Yes,by31-60daysYes,by<30days

Higherratesin2024

led43%ofPEfunds

todecrease

borrowingtime

No

RatesAdjustbutRemainElevatedUSprimerateandSOFR3

PrimerateSOFR

Projectionifrates

followFFRfutures4

8%

6%

4%

2%

0%

In2024,HighRatesLedFundstoReduceTimeOutstandingonCapitalCallLines

Q:Haveyoureducedthetimeoutstandingondebtdrawnfromcapcalllinesinresponsetothecurrenthigherinterestrates?(2024)5

5%

10%

20%

65%

0%

PEVC

2.4pts.

●

2.3pts.

2.0pts.

2.6pts.

●

2.3pts.

1.5pts.

3.7pts.

In2026,larger

spreadinrate

cutrequired

toinduce

borrowing

75th

percentile

Average

Median●

25th

percentile

3.0pts.

8%

8%

72%

Yes,by91+daysYes,by61-90days

Yes,by31-60days

Yes,by<30days

Lowerratestodayhave

ledjust28%ofPE

fundstoincrease

borrowingtime

No

ExpectedCutsAloneAreNotEnoughtoDriveFunds’BorrowingBehavior

Q:Howmuchwouldtheprimerateneedtodecreaseforyoutomeaningfullyincreaseyouruseofcapitalcalllines?

20242026

75th

percentile

Average

Median●

25th

percentile

In2026,LowerRatesAreNotEnoughtoInduceLongerBorrowingTimeonCapitalCallLines

Q:Haveyouincreasedthetimeoutstandingondebtdrawnfromcapcalllinesinresponsetothecurrentlowerinterestrates?

2%

%2%

85%

PEVC

Notes:1)Consumerpriceindex(CPI)forFebruary2026.2)The5-yearbreak-eveninflationratewas2.46%asofMarch4,2026.3)Securedovernightfinancingrate.4)FuturesasofFebruary25,2026,representthemarket-anticipatedmovementsofthefederalfundsrate(FFR);projectionassumestheprimerateandSOFRtracktheFFRmovementsexactly.5)QuestionaskedinSVB,s2024survey.

H12026GFBOUTLOOKREPORT16

Source:FRED,CapitalIQ,Bloomberg,SVBsurveyandSVBanalysis.

OnMargin,RatesImpactBorrowing

Atthepeakoftheinterestratecyclein2024,manyfunds

expectedborrowingtodecline.AbouttwointenPEfunds

andthreeintenVCfundsreportedplanstoreducetheiruseofcapcalllines,eitherbydrawinglesscapitalorborrowinglessfrequently.

Sincethen,theprimeratehasfallenby1.75percentage

points.Thatdeclinehasbeenenoughtoshiftbehaviorat

themargin.AroundaquarterofPEfundsnowreport

increasingtheiruseofcapcalllines,leaningmoreheavilyonthefacilityaspartoftheirfinancingstrategy.VCfunds

havebeensomewhatlessresponsivetothechangeinrates,perhapsafunctionofstructuralborrowingrestrictions.

Thesechangesappeartobedrivenprimarilybymarket

conditionsratherthanLPpressure.FewLPsarerequestingchangestohowfundsusecapcalllines.Whenrequestsdooccur,theytendtofocusongreaterdisclosureor

reporting.Thisreflectsabroaderpushfortransparency

acrossprivatemarkets.Regulatorydevelopments,includingtheSEC’sMarketingRule,haveincreasedexpectations

aroundreporting,followingpreviousguidancefromindustrygroupslikeILPA.1

Together,thesetrendspointtoadynamicinwhichinterestratesinfluenceborrowingdecisionsforsomegroupsonthemargin,butthegreatereffectmaybeonshapingprivate

marketactivitymorebroadly.

Notes:1)InstitutionalLimitedPartnersAssociation.2)QuestionaskedinSVB’s2024survey.

ADivisionofFirstcitizensBankSource:SVBsurveyandSVBanalysis.H12026GFBOUTLOOKREPORT17

In2024,HigherRatesLedtoLessUsageof

CapitalCallLinesforVCFundsMorethanPEQ:Doyouusecapitalcalllineslessinresponsetothecurrenthigherinterestrateenvironment?(2024)2

PE

VC

Drawlesscapital

Drawless

frequently

No

81%

Both

Drawless

capital

Drawless

frequently

{

7

Yes29%

Both

6%

11%

3%

7%

10%

12%

FewLPsAskforChangestoUsageofCapitalCallLines

Q:Inthepast12months,haveanyofyourLPsrequestedchangestohowyouusecapcalllines?

PE

VC

Yes

No

19%10%

90%81%

In2026,PEFundsAreMoreInclinedtoBorrowDuetoLowerInterestRates

Q:Doyouusecapitalcalllinesmoreinresponsetothecurrentlowerinterestrateenvironment?(2026)

16%

Drawmorecapital

Yes27%

5%

6%

Drawmorefrequently

No73%

Both

8

Drawmore

capital

Drawmore

frequently

6%

Yes19%

9%

4%

Both

PE

VC

LPRequestsAreMostOftenforDisclosure

Q:Inthepast12months,haveanyofyourLPsrequestedthefollowingchangestohowyouusecapcalllines?

PEVC

11%

8%

6%

5%

4%4%

2%

0%

Increased

disclosureor

reporting

Limitson

durationof

borrowing

Limitsonamount

ofborrowing

Limitson

frequencyof

borrowing

Rates,Investment

andBorrowing

Interestratesclearlyinfluenceborrowingdecisions

directly,ashigherratesincreasethecostoffinancing.Buttheireffectoninvestmentactivitymaybeevenmore

important.Ultimately,itisthepaceofdealmakingthatdrivesdemandforcapcalllines.

Investmentactivityisnowapproachingcyclicalhighs.