Quarterly Alternatives Commentary

The Q4 2025 report highlights a rebound in private market activity and strong hedge fund performance as rate-cutting cycles began. Activity was characterized by mega-deals in North America and a recovery in investment values across Asia-Pacific.

Key Takeaways

• 1.Private market activity rebounded in Q4 2025 as central banks began easing interest rates, improving investor confidence and transaction volumes.
• 2.North American private equity was bolstered by mega-deals, including the $40 billion Aligned Data Centers and $18.3 billion Hologic public-to-private transactions.
• 3.Hedge funds outperformed liquid alternative mutual fund structures in 2025, supported by equity market strength and significant dispersion.

Table of Contents

• Alternatives Dashboard
• Quarterly Insights
• North America
• Europe
• Asia-Pacific
• Marketable Alternatives
• Index Definitions
• Important Information

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