Geopolitical uncertainty is significantly impacting investor sentiment in private markets, with 62% of institutional investors citing it as their primary concern, up from 32% last year. This has shifted focus from previous macroeconomic worries, such as interest rate hikes, which now rank lower in importance. In response, 55% of investors plan to increase their allocations to private markets, recognizing their potential for stability amid uncertainty. Interest in venture capital is also rising, with 33% of investors intending to invest more in VC funds. Notably, two-thirds express willingness to support first-time venture managers, indicating a long-term investment perspective.