Summer 25 Solstice Report
The Summer Solstice Report is the second edition of Clockwork’s biannual, high-signal briefing for asset owners, institutional investors, family offices, and private capital allocators. Drawing on insights from Carta, CB Insights, UBS, PitchBook, and others, it distils the complex forces shaping capital formation, allocation, and risk across private markets.
TL;DR: What to Take With You
The risk lens has shifted: It’s less about pricing assets, more about navigating timing, liquidity, and execution under pressure.
Markets aren’t resetting or recovering, they’re recalibrating. In this phase, positioning and pacing matter more than prediction.
Fewer deals, more conviction: Capital is clustering in winners, especially in early-stage AI. The result is deeper bets across fewer companies.
Dry powder isn’t idle, it’s waiting: With $2T+ on the sidelines, timing and structure are more strategic than ever.
Liquidity is a constraint and catalyst: As exit timelines stretch, investors are rethinking how and when capital returns, driving innovation in structures and reshaping strategies across the private market stack.
