Private Markets After the Exit Boom: Liquidity, Insurance Capital, and Structural Discipline

Private markets were built on predictable exits and continuous capital recycling, but that expansion model has slowed. As distributions remain constrained and holding periods extend, allocators and managers are redesigning how liquidity is sourced, sequenced, and structured across portfolios and vintages. This session will examine fund- and portfolio-level liquidity tools, including insurance capital, NAV-based lending, continuation vehicles, and capital solutions platforms. Topics will include how underwriting standards, pacing models, and governance can adapt in a world of episodic liquidity. Panelists will assess how LPs evaluate complexity, transparency, and alignment as engineered liquidity becomes central to private-markets construction.