For many asset managers, private markets remain the largest opportunity set in today’s challenging lending environment and complex macroeconomic conditions. Yet are private markets the answer to it all? Operating amid the radical shift in investment regimes, investors have had to react and adapt quickly to balance the dual objectives of mitigating risks and enhancing returns. How are macroeconomic factors affecting pricing, valuations and therefore profitability? What are investors careful about today and feel optimistic about for tomorrow? Do we see regional differentiation? What return drivers remain in the marketplace? Are asset managers battening down the hatches or sailing into the wind?