Clockwork’s Winter Solstice Report provides a concise view of how private markets shifted in 2025. It outlines the key trends across venture, private equity, real estate, private credit, and alternative strategies, giving asset owners, family offices, and private market allocators a focused starting point for 2026 planning.
Table of Contents
Global Macro & Private Markets Context
An analysis of the year the “uncorrelated” thesis was tested by policy volatility, rate uncertainty, and the material impact of the OBBB Act on clean energy economics.
The State of Venture Heading Into 2026: Data and “Discipline”
A look at the structural bottlenecks in the venture funnel and why owning unique, compounding data is now the only lasting source of defensibility for AI-native companies.
Private Equity’s Long Pause
How macro caution and a liquidity drought have tested investor tolerance, leading to a record year for secondaries as LPs seek creative exits.
Private Credit: LatAm’s Underserved Middle Market
A review of the high-yielding, collateralized opportunities in Mexico and Brazil where alternative lenders are filling the financing gap left by traditional banks.
Private Markets at the Crossroads of Sustainability
A snapshot of the regional divergence in sustainability, with the U.S. prioritizing industrial energy security while Europe focuses on electrification and cross-border infrastructure.
Laying the Foundations of Real Estate’s Next Cycle
An outlook on the stabilization of commercial property values and the tactical opportunities appearing in the industrial, multifamily, and neighborhood retail sectors.
Don’t Miss the Train: Portfolio Strategy in the Age of AI
An outlook on the stabilization of commercial property values and the tactical opportunities appearing in the industrial, multifamily, and neighborhood retail sectors.
Contributors
