- Public equities have repriced the future while private equity is still monetising the past.
- The rally that opened the gap is narrow and earnings-led, not a liquidity melt up.
- Yet private equity's long-run premium is real, this cycle has just interrupted it.
- Private equity can no longer count on rising valuations and must now drive returns by growing the underlying business.
- As capital drains from private equity, private debt is catching the outflows.
- 2026 will decide whether the public-private gap was a passing extreme or a lasting regime change.
Download the this report to read the full insights from Allianz.