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After a prolonged period of subdued deal activity and capital accumulation, private equity is entering 2026 with renewed optimism—flush with dry power and ready to deploy. Financing conditions are stabilizing, interest rates are decreasing, and valuations are beginning to reset. As the industry prepares for renewed activity, private equity firms are shifting from growth-at-any-cost strategies toward operational value creation, deeper diligence, and more disciplined risk underwriting.

The urgency and optimism of donors wanting their capital to do more have propelled venture philanthropy into mainstream conversations among individuals, families, and foundations seeking not only to give, but to drive meaningful, measurable change. As the broader impact investing market surpasses $1 trillion globally, more investors are treating philanthropy with the same level of strategic focus and performance expectations that guide their financial portfolios.

The asset management industry is facing massive opportunities and competitive pressures in 2026, driven by more regulatory clarity, technological innovation, and shifting investor priorities. Asset managers should expect to see more digital assets entering the mainstream, decision making powered by artificial intelligence (AI), and the democratization of alternative investments. In addition, private equity is increasing its investment in asset management and offering both opportunities and challenges as managers compete to be trusted advisors for new capital.

In this roundtable discussion, NEPC’s investment manager research team shares perspectives on current market conditions, trends in investment management, and strategic priorities for 2026. From their deep experience and knowledge, they offer insights into their approach for evaluating a manager’s investment track record and proactive strategy for re-evaluating underperformance that may be outside the range of expected outcomes.

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.

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.