The Pulse: November 28, 2025 Edition
A MESSAGE FROM OUR FOUNDER
Chris Pallotta, CEO and Founder
As we close out 2025, private markets continue to gain strength. Investors are signaling clear confidence — from record secondary fundraising to rising allocations in infrastructure, private credit, and real assets. The shift toward liquidity solutions and evergreen structures shows that private markets are not only expanding, but evolving as they become more accessible and sophisticated.
At Templum, we are focused on delivering the unified technology and regulatory infrastructure investors now expect: streamlined workflows, automated investment processes, and modern platform integrations that support a more dynamic private markets ecosystem. A network for private market investment.
This month’s insights capture the momentum reshaping our industry and the innovation emerging from companies choosing to stay private longer. Thank you for reading, and for being part of this evolving market.
I hope you enjoy the read.
IN THIS ISSUE OF THE PULSE:
- PRIVATE EQUITY & VENTURE CAPITAL: TMT LEADS THE REBOUND
- 2025: SECOND BREAKOUT YEAR FOR SECONDARIES
- INVESTOR OPTIMISM IN PRIVATE MARKETS IS EXPECTED TO CONTINUE
- WHAT TO EXPECT IN Q4, 2025
- BIG INNOVATIONS RISE WHEN COMPANIES STAY PRIVATE LONGER
- FINAL THOUGHTS: IS YOUR INFRASTRUCTURE READY FOR THE SURGE IN ALTERNATIVES?
- → Learn more about Templum’s offerings.
PRIVATE EQUITY & VENTURE CAPITAL: TMT LEADS THE REBOUND
Technology, media, and telecom (TMT) drove a 43% increase in private equity activity in Q3 2025 compared to the previous quarter in 2024. With $310 billion in deal value, the sector has set a new post-pandemic record — fueled by larger deal sizes and higher proceeds. One interesting statistic, this rise comes from fewer PE listings when compared to the previous quarter.
2025: SECOND BREAKOUT YEAR FOR SECONDARIES
Global secondaries fundraising has already reached $115 billion in 2025, setting a new annual high. While GP-led activity has traditionally powered the market, LP-led transactions are rising sharply. Jefferies reports 40% year-over-year growth in H1 2025 secondary deal volume — following 45% growth in 2024 and 7% in 2023.
A notable trend: increased participation from first-time buyers, highlighting growing interest in private markets amid slower exits and strong return expectations.
→ Read more.
INVESTOR OPTIMISM IN PRIVATE MARKETS IS EXPECTED TO CONTINUE
Goldman Sachs’ global survey of 250 GPs and LPs (“Turning the Corner?”) finds optimism holding steady or rising across private market strategies, with expectations for continued growth into 2026.
Key takeaways:
- Investors see the strongest opportunities in infrastructure, private equity, real estate, and private credit (in that order).
- Infrastructure demand is being driven by aging asset renewal and new buildouts for AI, digitization, and energy transition — categories under-allocated by both LPs and GPs.
- Jefferies confirms, noting that secondaries are evolving from liquidity tools into primary funding vehicles, especially for AI and data-center-related strategies.
- GPs are increasingly turning to secondary markets to manage liquidity and rebalance portfolios.
- LP interest in evergreen structures is rising: 30–40% across credit, real estate, and private equity — and up to 80% among GPs with $10B+ AUM.
- Evergreen funds and secondary liquidity are expanding access to private markets beyond large institutions to a growing wealth audience.
WHAT TO EXPECT IN Q4, 2025
Expect continued momentum in private equity, with strong demand for infrastructure tied to AI, digital transformation, and energy systems. KPMG also anticipates renewed activity in healthtech and fintech investments.
→ Learn more.
ALLOCATION TO ALTERNATIVES HITS A NEW HIGH
Alternatives Watch’s AW Investor Compendium 2025 reports a record $251 billion in institutional commitments to alternatives — up from $210B in 2024 and $172B in 2023. The largest global allocators now deploy an average of 44% of their portfolios into alternatives, led by:
- CalPERS — $62.3B
- CPP Investments — $23.1B
- New York State Common — $19.9B
Alternatives are no longer peripheral — they’re central to institutional strategy.
BIG INNOVATIONS THRIVE WHEN COMPANIES STAY PRIVATE LONGER
Companies are increasingly choosing to remain private, giving them more room to innovate. This month highlights two notable players:
- Unity & Epic Games Join Forces
- Former rivals have partnered, enabling Unity developers to publish games inside Fortnite, giving them access to 500+ million users. For Epic, the partnership expands its creator ecosystem.
- Stripe Expands Its AI-Focused Revenue Stack
- Stripe, used by over half of the Fortune 100, has upgraded Stripe Billing with adaptive pricing, BNPL options, and partial-payment capabilities. The platform now powers revenue for leading AI companies, including OpenAI, Anthropic, and Invidia. Stripe is also prototyping stablecoin and agentic payments, further integrating AI-driven transactions into full-stack applications.
FINAL THOUGHTS: IS YOUR INFRASTRUCTURE READY FOR THE SURGE IN ALTERNATIVES?
With private markets surpassing $30 trillion AUM, regulators are working to increase access. The SEC is targeting April 2026 for discussions on revising the accredited investor definition, simplifying private-company capital raising, and modernizing private-fund disclosures. This window gives the ecosystem time to adopt the technology platforms, automated workflows, and lifecycle management solutions needed to support increased investment flow.
As SEC Chair Paul Atkins noted:
“You cannot have a balanced, diverse portfolio today without exposure to private markets.”
→ Learn more about Templum’s offerings.
ABOUT TEMPLUM
Enter the new frontier for private markets with Templum. As a solution partner, we provide full investment lifecycle technologies, automation, product access, and regulatory support configurable via white label, API, or hybrid deployments. The company’s offerings – Templum One Marketplace, Primary Issuance, Secondaries, and customizable “build-your-own” solutions – enable efficiencies in private market and alternative investment strategies for investment banks, broker-dealers, RIAs, wealth managers, fintechs, asset managers, issuers, and service providers. Templum equips firms to be successful by unifying the entire ecosystem and modernizing the underlying technology supporting it, enabling its partners to expand access to investment opportunities for a growing base of investors. The Company’s vision is to move capital markets forward, replacing the outdated infrastructure that has long constrained private market investing. Learn more at https://www.templuminc.com.
All securities offered by Templum Markets LLC, a wholly owned broker-dealer and Alternative Trading System (ATS) subsidiary of Templum, Inc. For more information, please visit https://www.templuminc.com
