Remarkable capital inflows have continually enlivened private markets since 2000, with a tripling of fundraising in each decade. Competition for top quality deals has grown hotter as valuations have soared to new heights. However, although restrictive pressures brought on by the pandemic have eased, different risks have materialized in the form of global geopolitical tensions and war, along with record levels of inflation and interest. A question for analysts is whether valuations are overblown and unlikely to last. Are investors embracing risks and following the unstoppable rise of private markets? Is the asset class likely to play a new role in the future for investors and the broader economy?