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As financial conditions tighten and investor scrutiny intensifies, firms that can clearly articulate their value-creation story—and consistently deliver on it—are best positioned to succeed as the market recalibrates. The U.S. Private Equity Report: 2026 Insights—one of the industry’s largest global surveys, capturing perspectives from 800+ professionals, including 150+ U.S. respondents—examines how leading private equity firms are adapting to drive growth amid uncertainty.

After more than a decade of speculation about when digital‑asset companies would finally break into the public markets at scale, 2025 delivered the long‑awaited breakthrough. Crypto‑related businesses didn’t merely test market appetite—they validated it. Investor demand strengthened, regulatory clarity improved markedly, and institutional capital aligned with the sector’s most mature operators (none of which even existed 15 years ago). As 2026 begins, the indicators point toward an even more active year for exits, capital formation, and business expansion.

In this roundtable discussion, NEPC’s investment research leaders share their perspectives on market conditions, investment management trends, and strategic priorities for 2026. Drawing on deep experience, they explain how they evaluate manager track records, reassess underperformance, and distinguish meaningful signals from market noise. They also discuss what they’re seeing on the ground—from capital allocation shifts to the growth of private wealth—and offer guidance on key risks and how to approach the year ahead.

The economic outlook for 2026 is cautiously optimistic, with growth expected to broaden—and potentially accelerate—despite persistent inflation. Key drivers include fiscal and monetary stimuli, consumer spending fueled by the One Big Beautiful Act (OBBBA), and continued investments in artificial-intelligence-related capital.

Asset allocation is integral to the success of any investment portfolio, and it is among the most important decisions an investor will make. In this discussion, NEPC Asset Allocation Team pulls back the curtain to offer behind-the-scenes glimpse of the issues and themes at the forefront of their investment meetings.

After a brief hiatus, thematic ETFs—Exchange Traded Funds, or baskets of stocks and companies focused on a narrow theme, trend, or concept—are being aggressively marketed by the investment management industry again.

Although CFOs’ optimism has risen, finance leaders are confronting the disruptive triumvirate of new tax legislation, persistent tariff volatility, and rising AI integration—while seeking meaningful, measurable outcomes. All at once, three things must be considered in a complex environment where transformational opportunity and uncertainty coexist. The takeaway is that holistic modeling is essential for businesses to determine the right tax strategy for their circumstances.

Looking at the data and macro trends, the quantitative insights suggest the conditions underpinning more than a decade of non-U.S. equity underperformance may be starting to shift. The three drivers behind it are (1) tariffs are weighing on U.S. household income and may curb consumption; (2) fiscal and economic policy abroad is becoming more proactive; and (3) macro conditions are reshaping relative growth prospects. As growth differentials narrow, there are compelling valuations—and potential capital flows—outside the United States.