As we approach 2025, private capital experts anticipate key trends shaping the industry. Increased dealmaking and exit activity is expected, particularly in mid-market sectors like financial services and healthcare, following a modest 2024. The convergence of public and private markets will create new investment opportunities, exemplified by the proposed Private Intermittent Securities and Capital Exchange System (PISCES) for trading private shares. Growth in private credit is anticipated due to its flexibility compared to traditional loans. Additionally, the UK’s industrial strategy and housebuilding initiatives will attract investors, while the influence of AI and ESG considerations will also play significant roles in shaping the market.