Discover the future of
global investment in the U.S.

Welcome to the third edition of Ocorian Global Asset Monitor, with an additional U.S. focus

By September 2025, the world’s assets hit a record $267* trillion. Ocorian forecasts that by 2030, private assets will nearly double – growing 70% to $24 trillion, with private equity alone set to reach $17.4 trillion. 

Private markets are emerging as the defining growth engine of global capital for the decade ahead. The financial landscape is undergoing a profound transformation and Ocorian’s Global Asset Monitor provides a comprehensive overview of these changes, focusing on the latest trends and data shaping the future of asset management.

In addition, it shares the expert viewpoints of Elizabeth Weindruch, Managing Director of Diversified Alternative Equity, Barings, Scott Warner, Managing Partner, Ghost Tree, Jodi Kahn, Partner, Broad Sky Partners, and Vince Calcagno, Head of U.S. Growth, Ocorian.

A decade of expansion and change

This remarkable growth is set to reshape ownership, distribution, and influence across the financial system. The speed of this expansion is matched only by the need for private capital structures to adapt to volatility, evolving regulation, and increasingly sophisticated investor demands.

Key trends in asset classes

The data in this edition highlights the dominance of U.S. private equity and credit, with family offices, pensions, and endowments leading the next wave of capital formation. Infrastructure continues to attract long-duration investors, while real estate faces structural headwinds. Private credit, still in its early innings, is expanding into new frontiers, offering strong yields and resilience against market volatility.

Across all asset classes, valuations remain vulnerable to economic shifts, but private markets retain a structural advantage: the ability to look through short-term volatility and capture durable, long-term returns. Listed equity markets have seen significant swings in value, driven by geopolitical tensions and tariff policies, with Europe, Japan, and developed Asian markets reclaiming a larger share of global capitalization.

Regional differences
2025 is marked by regional divergence in growth, opportunity, and risk. North America leads in innovation and scale, Europe in sustainability and private credit, Asia-Pacific in growth and technology, while emerging markets in the Middle East, Africa, and Latin America offer new frontiers for diversification and infrastructure investment. Asset managers must adapt to local dynamics, regulatory environments, and shifting investor preferences to capture opportunities in this evolving global landscape.

Challenges and Opportunities in 2025

The U.S. industry faces a tougher capital-raising environment, slower exits, and persistent cost pressures. Regulation is a top concern, with outsourcing expanding as managers seek efficiency and compliance. Family offices and pension funds are expected to be major sources of new capital, while retail access remains limited.

The report also explores the rise of continuation vehicles as a solution to slow exit markets, the inevitable growth of private credit, and the increasing importance of specialist mid-market managers in.

For more detail

Who will succeed in this new era? What role will continuation vehicles play? How will genuine diversification be delivered alongside attractive risk-adjusted returns? Who will manage changing asset channels and where is the opportunity? We invite you to explore the full report, launched October 7 2025, for the answer to these questions, the research details, and much more.

You can also watch a recorded webinar, moderated by Yegor Lanovenko, Global Co-Head of Fund Services at Ocorian, with:

• Mark Baker, Head of Research
• Elizabeth Weindruch, Managing Director of Diversified Alternative Equity, Barings,
• Scott Warner, Managing Partner, Ghost Tree, and
• Vince Calcagno, Head of U.S. Growth, Ocorian.

At Ocorian, our commitment is to equip clients with the infrastructure and insight needed to navigate concentration, complexity, and opportunity with speed and confidence. If you would like to discuss how we can work together, contact Yegor Lanovenko, Global Co-Head of Fund Services.

* Ocorian commissioned 5iresearch to produce the Global Asset Monitor, covering eight major asset classes that represent the bulk of the world’s investable assets. Four are in public markets—listed equities and three types of listed bonds (corporate, sovereign, and other)—while the other four are private market funds investing in private equity, private debt, infrastructure, and real estate. These asset classes were chosen for their accessibility to investors, either through exchanges or private market funds.

Private market data is primarily sourced from Preqin, but due to infrequent updates, Ocorian models current valuations by adjusting for changes in relevant public markets since the last Preqin release. Public market data comes mainly from Factset, with equities analysis based on the largest 2,250 companies, representing 85% of global market capitalization. Bond market size is measured using both market and face value, with sovereign figures sometimes estimated using government debt levels.

All data is converted to USD at prevailing rates, so currency fluctuations may affect short-term values, but tend to balance out globally over time. Inflation adjustments are not included.