After many years of prosperity, growth, and high valuations, private markets now face serious challenges from geopolitical uncertainty, inflation, and high interest rates. Instead of growth at all costs and rapidly rising valuations, there is a renewed focus on identifying and capturing value to drive profitable growth and realize the expected returns on existing investments. Where are the new pockets of money? In what ways are allocators adjusting, and how are they diversifying their portfolios to achieve long term returns? Where will the private markets industry take us next?