As global private markets enter a new era in 2026, investors are turning to quality as the prime selection criterion, seeking resilient and high-growth opportunities.
As the global private markets enter into the new challenging era in 2026, investors are now looking to quality as the prime selection criterion, seeking resilient, high-growth opportunities.
According to the McKinsey Global Private Markets Report 2026, the global private capital landscape has officially entered a new cycle. Although the market was characterized by profound uncertainty in 2025, everything has stabilized in 2026, leaving investors with a period of cheap leverage in the rearview mirror.
For the real asset investors and managers, this is a critical period in the search for quality and growth in the healthcare, wellness, and specific real estate niches.
A Maturing Market Focused on Value Creation
Dealmaking returned in force throughout 2025, with global buyout and growth capital transactions reaching a new peak. Overall, deals above 500 million dollars, usually representing the market's vanguard, increased by 44% to over a trillion dollars, peaking past the value of all deals closed in 2021.
Meanwhile, as capital has become more selective in the last year, the capitalization multiple for EBITDA, on average, climbed to a record-breaking 11.8x. Thus, value creation through operations will be the cornerstone of the market in 2026, shaping the main source of value for investors. Finally, with the adoption of artificial intelligence beginning to transform the asset management industry, those who have embraced the technology at the front end of the value chain will receive the highest reward.
Healthcare delivered the strongest performance in terms of value in 2025, with total buyout value spiking by 51% year-over-year to rank second. At the same time, the number of large buyout deals, or those worth over 500 million dollars, in which healthcare was a key focus area, jumped by 173% year-over-year.
It was also the most favored asset class among the investors chasing the best opportunities in the current economic climate. Looking ahead, in 2026, healthcare is set to remain the preferred asset for capital deployment, with 58% of investors signaling their intent to reallocate funds into the space.
The Shift towards the Real Estate Sector
The real estate market witnessed a shift toward value buyers in 2025 as the capital favored quality and specialization. The global transaction value reached $873 billion in 2025, reflecting a 12% year-over-year increase, while the number of deals remained roughly the same as in 2024. It signified the shift toward bigger transactions, as well as the accentuated selectivity in favor of higher-quality assets. It was particularly evident in the 34% YoY surge in the value of Class A office deals in the US.
Meanwhile, the trend toward specialization has seen a rise in the value of specialty property transactions. In particular, data centers, flex and industrial buildings, senior housing related assets, and healthcare properties, in particular, gained traction with investors in 2025. As a result, specialty property accounted for 14% of all commercial real estate transactions by value in 2025. At the same time, senior housing is one of the most compelling real estate asset classes for institutional investors in 2025.
Looking Ahead
As the markets mature, the role of the manager becomes more important than ever. Simply having the right exposure is no longer enough as the ability to capitalize on specific asset or market-related opportunities becomes the key to success. For the investors looking to build their positions across real assets in 2026, this means identifying the best emerging opportunities while transforming the acquired expertise into a sustainable competitive advantage at the asset level.
Read the full McKinsey Global Private Markets Report 2026
