Travers Smith's Alternative Insights: More turbulence in the year ahead

Private capital – traditionally the disruptor of the finance world – has been disrupted.  The last few years have tested the resilience and adaptability of alternative asset managers.  Following a long period of steady growth, fundraising and dealmaking have been tough.  According to PEI Group data, aggregate capital raised by private equity funds fell 17% to $735 billion in 2025 – the lowest full year total since 2020.

That turbulence is not yet over – 2026 will be another bumpy ride, driven in no small part by a Trump administration increasingly prepared to assert its authority in business and international affairs.