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Welcome to our 4th CAMMI report

This report analyses survey responses from 110 fund managers in Q2 2025.

Asset 82@2x

The Core Alternative Managers' Mood Index

The private markets landscape is undergoing a period of profound transformation. As macroeconomic uncertainty persists and investor expectations evolve, alternative asset managers face both unprecedented challenges and exciting opportunities.

The headline CAMMI is a number from 0 to 100. A CAMMI score above 50 represents an allocation increase, whilst a score under 50 represents an allocation decrease and a reading at 50 indicates no change. The further away from 50 the greater the level of change.

Asset 78@2x

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For insights from the fourth CAMMI report—which captures the sentiment of over 100 leading fund managers across private equity, venture capital, private debt, and real assets.

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CAMMI Report

Key findings

71%

of private markets fund managers expect investor allocations to increase (40%) or remain level (31%).

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74%

of all private markets funds closed within 12 months, indicating investors are allocating capital relatively quickly.

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Fund managers

report heightened political risk (33%) and recessionary fears (25%) over the next 12 months.

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Asset 80@2x

Strong Expectations for Increased Allocations from Investors:

The headline CAMMI score of 56.48 signals sustained growth expectations across private markets, with Venture capital (60.5), growth capital (62.8), and real estate/infrastructure (57.8) leading sector optimism, while secondaries/FoFs (40.2) face a potential slowdown.

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Asset 81@2x

Domiciliation Shifts:

The UK (50%) remains the preferred fund domicile of the future, followed by Luxembourg (33%) and Singapore (30%).

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Download our fourth CAMMI report

For insights from the Fourth CAMMI report—which captures the sentiment of over 100 leading fund managers across private equity, venture capital, private debt, and real assets.