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The Year Ahead: Top 5 Private Capital Trends

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Private capital stands primed to capitalize on what looks set to be a favorable environment for generating returns and income as the macroeconomic fog clears, financing costs ease and improved liquidity sets the market moving in a virtuous cycle.

We expect many of the private capital trends we highlighted in 2024 to continue in 2025, but they will be set against a different macro backdrop. Five themes that are shaping that outlook include:

  1. Somewhat higher for longer: What slower rate cuts mean for private capital investors
  2. A busier market: What it will take to source and secure high-quality opportunities as deal activity increases
  3. Default position: Discipline and careful portfolio construction will keep portfolios clean
  4. Platform excellence: What today’s highly selective LPs will look for in a manager
  5. A breath of fresh air: How exits, fundraising and new deals will develop through 2025

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Nuveen

Nuveen is the asset manager for TIAA, one of the world’s most highly rated and financially stable insurance companies1. We leverage our deep expertise in partnering with insurance clients to tailor capital-efficient solutions to meet complex portfolio construction needs. Our platform of $1.4 trillion in AUM2 offers differentiated investments across private credit and private equity, real assets, fixed income, and responsible investing focused strategies. For more information, please visit www.nuveen.com/insurance.

1. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three insurers in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of July 2025), Fitch (AAA as of August 2025), Standard & Poor’s (AA+ as of November 2025), and the second highest possible rating from Moody’s Investors Service (Aa1 rating affirmed as of February 12, 2026). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.

2. Assets under management as of 31 Dec 2025. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100 % due to rounding.


Joseph Pursley, CIMA  
Head of Insurance, Americas  
Joseph.Pursley@Nuveen.com  
445-245-1063

Nuveen, a TIAA Company  
333 W. Wacker Drive  
Chicago, IL  60606

 

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