Private markets continue to mature at a remarkable pace. Once the domain of large institutions and ultra-specialised investors, the landscape is widening-but it’s also becoming more complex. Fund managers are adapting their fundraising strategies, investors are becoming more discerning, and access models are shifting. For high-net-worth investors, these changes present both opportunity and challenge.
Here’s what you need to know about how capital raising is evolving-and how investors can position themselves for the years ahead.
1. The Fundraising Environment Is Changing-Fast
For years, private market fundraising was dominated by traditional closed-end vehicles. Today, managers are exploring a broader toolkit to attract capital and provide flexibility.
New fund structures are gaining momentum
– Evergreen funds:
These offer open-ended participation, periodic liquidity windows and the ability to average into portfolios over time. They are increasingly popular with wealth platforms because they simplify onboarding and reduce timing risk.
– Feeder funds:
Designed to pool capital from private clients into institutional-scale vehicles, feeder funds enable investors to access minimums that would otherwise be unreachable-sometimes in the millions.
– Continuation and annex funds:
As managers seek to hold high-quality assets longer or support existing portfolio companies, these structures have become more common. For investors, these can create opportunities to invest in proven assets with more visibility.
Fund sizes and strategy shifts
The “bigger is better” trend isn’t universal anymore. While mega-funds still attract large inflows, we’re seeing:
– More specialised and sector-focused funds, particularly in areas like AI infrastructure, energy transition, secondaries, and healthcare.
– Right-sizing of target fund sizes, reflecting a more disciplined market after the 2021–2022 fundraising surge.
Managers are becoming more flexible, and investors now have more choices-but also more homework.
2. What This Means for Investors: Selectivity and Timing Matter More Than Ever
With more managers, more fund types and more capital competing for allocation, investors face a more crowded landscape.
Selectivity is becoming a competitive advantage
The spread between top-quartile and median private equity managers has widened. In private credit, dispersion of returns-once minimal-is increasing. In this environment:
– Manager selection is one of the biggest drivers of long-term returns.
– Investors need to assess track record quality, investment discipline and edge-not just headline performance.
Timing also plays a role
The cycle matters. For example:
– Vintage years following economic dislocation (such as 2024–2026) have historically offered strong return potential.
– Certain funds may be better positioned depending on interest rates, buyout multiples or credit spreads at the time of deployment.
Understanding when a fund intends to invest-rather than only when it raises capital-is critical.
3. For Wealthy Investors: What to Look for Before Committing to a Private Fund
As access expands, not every product is created equal. Before subscribing to a fund or feeder, investors should carefully evaluate:
Fund terms
– Are fees transparent and market-competitive?
– Is carried interest aligned with value creation?
Lock-ups and liquidity
– Evergreen and interval-style funds often promise more liquidity, but redemption windows may not be guaranteed in stressed environments.
– Closed-end funds require longer commitments-but also often deliver stronger performance due to disciplined deployment.
Manager alignment
– How much of their own money is the GP investing?
– Do incentives encourage long-term stewardship or short-term asset gathering?
Portfolio transparency
– Will you have visibility into underlying holdings?
– How frequently are reports or NAV updates provided?
Clarity and alignment matter just as much as performance potential.
4. How Jura Capital Helps Investors Navigate Fundraising and Access Opportunities
Unlike mass-market platforms whose goal is to distribute product at scale, Jura Capital operates on a more selective, relationship-driven model.
How we differentiate
– Curated fund selection:
We work directly with top-tier GPs across private equity, credit, venture and real assets-prioritising quality over quantity.
– Access to oversubscribed rounds:
Our relationships allow clients to participate in limited allocations often unavailable through larger retail platforms.
– Co-investment opportunities:
We help clients access direct deals alongside leading managers-opportunities with no management fee or carry in many cases.
– Independent, investor-first perspective:
Our incentives are aligned with client outcomes, not asset-gathering quotas.
Our capital-raising platform
Jura Capital serves both sides of the market:
– For investors, we source and diligence high-quality opportunities.
– For companies and fund managers, we support targeted capital raising from strategic private investors.
This dual role gives us deep insight into what the best GPs are doing-and what sophisticated investors are increasingly demanding.
5. Predictions for Late-2025 Into 2026
Looking ahead, we expect several themes to shape the market:
1. Competition for access will intensify
Institutional demand is rebounding, and high-net-worth inflows continue to grow. Many top-tier funds will remain meaningfully oversubscribed.
2. Funds will emphasise value creation over leverage
With higher financing costs and more disciplined deal markets, operational improvement-not financial engineering-will be the central driver of returns.
3. Secondaries will continue to scale
Investors will increasingly use secondaries to manage liquidity, adjust exposures, or enter high-quality assets at attractive pricing.
4. The wealth channel becomes a dominant source of capital
Managers will continue tailoring vehicles to private clients-but not all offerings will be equal. Investors will rely more heavily on trusted advisors for curation and due diligence.
Conclusion
Private markets are evolving rapidly-and for private investors, the path to strong long-term returns involves navigating a more complex set of choices. With more fund structures, more competition for allocations and greater dispersion in manager performance, thoughtful selection and expert guidance matter more than ever.
At Jura Capital, we help clients access high-quality opportunities, understand the nuances and align investments with long-term objectives. As the market shifts through 2025–2026, we see increased opportunity for disciplined, investors, especially those with access to the right opportunities at the right time.
If you’d like help understanding upcoming fundraising rounds, co-investment opportunities or how private markets fit into your broader portfolio, we’re here to support you.
