Private markets are undergoing a transformative phase marked by consolidation, platform expansion, and increased competition for deal flow. Private equity is playing a pivotal role in this evolution, driving consolidation and fueling platform growth across the ecosystem. As capital continues to flow into large private credit strategies, firms are facing pressure to scale while staying nimble and differentiated. This panel will explore how business structures must evolve in 2025 to remain resilient and competitive. With fewer independent managers and growing demand for alternatives, firms must strike a balance between growth, specialization, and operational discipline. At the same time, investor appetite continues to shift toward customized solutions, multi-asset strategies, and direct lending opportunities that offer both yield and control. How is market transparency, risk pricing, and underlying fundamentals shaping investor behavior? Where are the next great investment opportunities hiding as the market grows more saturated?