2026 Investment Outlook

Private markets continue to grow as investors recognize the role that private assets can play to help them meet their long-term goals. Investors increasingly understand that essential infrastructure, renewable energy, real estate and other real-asset businesses offer enduring value through stability, inflation resilience and compounding growth.

Today, the long-term opportunities for private capital lie in the megatrends we call the Three Ds: digitalization, deglobalization and decarbonization. These are not temporary cycles—they are structural transformations that are reshaping economies and driving investment for decades to come. As these themes accelerate, owning and building the real assets that form the backbone of the global economy will continue to be the key to building resilient, compounding portfolios.

Across our businesses, a consistent theme is emerging, and it is one we have adhered to for decades: disciplined transformation. Today's investment environment rewards operational excellence, efficient capital recycling and a renewed focus on fundamentals.