This is where the next financial crisis could emerge 

WealthInvestingPrivate equityOpinionBorrowing costs have risen, and private equity managers have been having difficulty selling portfolio companies. Yet institutional investors have an ever-growing appetite for illiquid alternative investments.John PlenderJan 6, 2025 – 1.14pmSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? The recent growth of private markets has been a phenomenon. Indeed, private funds, which include venture capital, private equity, private debt, infrastructure, commodities and real estate, now dominate financial activity.According to consultants McKinsey, private markets’ assets under management reached $US13.1 trillion ($21 trillion) in mid-2023 and have grown at close to 20 per cent a year since 2018.Loading…Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Latest In InvestingFetching latest articlesMost Viewed In Wealth