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NEW YORK -- (Business Wire)
Preqin, a part of BlackRock, released Private Markets in 2031, its flagship annual forecast of the trends shaping private markets over the next five years. The report examines fundraising, performance, and assets under management (AUM) across private equity, private credit, venture capital, and infrastructure.
Private markets continue to grow, with Preqin forecasting private markets1 to exceed $34tn in AUM by 2031, with the potential for further growth as the private credit asset class expands into broader asset-backed strategies. Private markets fundraising is positioned for renewed growth through 2031, with expected improving liquidity, evolving investor allocations and expanding investment opportunities supporting long-term demand for private market investments.
Each year, this report sets the benchmark for data-driven analysis and forward-looking perspectives on private capital, covering forecasts for fundraising, performance, and AUM growth across each asset class.
Key report themes:
- Private equity moves beyond the reset: Global private equity AUM is forecast to reach $11.6tn by 2031, supported by improving investment performance and capital return. Growth equity and secondaries are forecast to expand faster than traditional buyout strategies, while manager selection and disciplined underwriting remain critical amid ongoing dispersion in outcomes.
- Private credit enters a more disciplined phase: Private credit AUM is forecast to surpass $5tn2 by 2031, with a broader opportunity emerging as private credit expands beyond traditional corporate lending into asset-based finance and other strategies not fully captured by conventional fund-based estimates. Evergreen structures are expected to be the fastest-growing segment of the asset class. As returns dispersion widens, credit quality, downside protection and risk management are expected to become more important.
- AI reshapes venture capital: AI is expected to remain a significant tailwind for venture capital by lowering barriers to company formation and creating opportunities across the application layer. Preqin’s base case forecasts VC AUM of $3.79tn by 2031, supported by productivity gains, while alternative scenarios assess how faster or slower AI adoption could affect valuations, fundraising and exits.
- Structural demand is supporting infrastructure growth: $2.74tn by 2031, representing annualized growth of 9.8%. Growth is expected to be driven by the growing focus on power and energy security, digital connectivity, and supply-chain resilience, creating opportunities across infrastructure sectors, investment strategies and regions.
Regional trends:
Regional growth opportunities are evolving across private markets. By 2031, North America is forecasted to remain the largest market with more than $23tn in AUM, Europe is expected to exceed $7tn and APAC is projected to approach $3tn.
Cameron Joyce, Global Head of Preqin Private Markets Research, said: “As private markets enter a new phase of growth, returns are likely to be driven less by broad market tailwinds and more by effective manager selection, underwriting discipline, and operational value creation. At the same time, transformative themes such as AI are blurring traditional asset class boundaries, prompting investors to take a more holistic view of portfolio construction across public and private markets. Investors that leverage better data, deeper insights and a whole-portfolio view will be better equipped to identify opportunities and achieve superior investment outcomes.”
Accessing the Full Report
The full Private Markets in 2031 report is available to Preqin Private Markets Research subscribers. For information on access, please visit www.preqin.com. The link to a free version of the report is here.
Note to editors
The report uses Preqin’s proprietary data and forecasting methodology. The 2031 forecast incorporates BlackRock Capital Market Assumptions into performance forecasts, which are combined with fundraising forecasts to estimate AUM growth over the five-year horizon.
About Preqin, a part of BlackRock
Preqin empowers financial professionals who invest in or allocate to private markets with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with valuable information and comprehensive analytics solutions. Preqin has pioneered rigorous methods of collecting private data for over 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. Acquired by BlackRock in 2025, Preqin complements the existing Aladdin technology platform to provide investment solutions for the whole portfolio. For more information visit www.preqin.com.
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1 Preqin’s private markets universe includes private capital asset classes and hedge funds
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2 The forecast represents private credit funds with corporate underlying. Private credit is quickly evolving beyond this traditional focus to encompass strategies such as investment-grade corporate and asset-based finance, with significant capital deployed through insurance separately managed accounts. While Preqin already tracks certain asset-based credit strategies within the infrastructure and real estate segments, we will continue to evolve our taxonomy and reporting throughout 2027 to capture the expanding scale of private credit.
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Contacts:
Mimi Celeste Taylor
mimiceleste.taylor@blackrock.com
Source: BlackRock
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