18th November 2025 - Dublin:

Elkstone, Ireland's leading private markets investment firm, has published the H2 2025 edition of its Private Markets Report. This comprehensive half-yearly analysis is designed to guide investors through an increasingly complex global investment landscape. First launched in April 2025, the report provides essential insights into the macroeconomic forces and market dynamics shaping Elkstone's investment strategy across private equity, venture capital, private credit, infrastructure, and real estate.

A Long-Term Approach to Value Creation

Commenting on the report's publication, Karl Rogers, Chief Investment Officer at Elkstone, stated: " The global macro outlook is as uncertain as it has been for many years, with macroeconomic and geopolitical factors influencing our defensive positioning. We believe pockets of tactical opportunities are emerging that offer the potential for solid investment returns in both the short and medium term. We hope our latest report provides valuable insights into our thought process and how we view the private markets investing landscape today. "

Key Takeaways:

1. Defensive positioning with tactical opportunities: While maintaining an overall defensive stance given macroeconomic uncertainty and elevated public market valuations, we identify strong value propositions in mid-market buyouts, secondaries, and opportunistic lending strategies that can deliver solid returns.

2. Europe presents compelling relative value: European markets show particular promise across multiple asset classes, from private credit benefiting from less competition and favorable spreads, to venture capital outperforming North America, to infrastructure developments driven by security considerations making the continent a regional focus for near-term allocations.

3. Infrastructure remains a core long-term holding: Despite cyclical deal activity lows, structural tailwinds including energy transition, infrastructure funding gaps, and inflation protection characteristics support a bullish multi-decade outlook for these stable, income-generating assets in our portfolios.

Our Approach

In navigating today's complex investment environment, Elkstone remains guided by discipline and patience. The breadth of private market strategies - spanning defensive credit to growth-oriented equity, and stable infrastructure to opportunistic real estate - provides the diversification necessary to reduce volatility while pursuing positive returns. While acknowledging near-term headwinds, the medium-term outlook reveals select opportunities where careful capital allocation can be rewarded, ensuring portfolios remain well-structured to weather uncertainty and capitalise on emerging value across the private markets landscape.

Elkstone builds unique value for its clients through world-class specialist teams focusing on different types of alternative asset portfolios, and through partnerships with global institutional investment firms and hedge funds.