David Lyon

Private Markets After the Exit Boom: Liquidity, Insurance Capital, & Structural Discipline | GC 2026

Eric Platt, Dhiren Jhaveri, Camilla Languille, David Lyon, Eric Murzyn, Wil S. Warren

Stalled exit cycles and a structural valuation mismatch in the $4 trillion private market have forced hold periods to double, creating a severe liquidity deficit driven by the Iran conflict and AI-driven asset revaluations. In response, the industry is pivoting toward GP-led secondaries and NAV lending strategies, exemplified by Mubadala's resilient deployment, while insurance firms shift to liability-driven structures to navigate regulatory tightening and credit spread volatility. This environment is reshaping capital formation by favoring rigorous business model underwriting over financial engineering, with top-tier firms capturing the majority of new capital as mid-tier players face an anticipated strategic exodus.