Welcome to Insights ’26, our annual preview of the coming year for the alternative asset management industry.
Private capital – traditionally the disruptor of the business world – has been disrupted. The last few years have tested the resilience and adaptability of alternative asset managers. Following a long period of steady growth, fundraising and dealmaking have been tough. According to PEI Group data, aggregate capital raised by private equity funds fell 17% to $735 billion in 2025 – the lowest since 2020.
Two things seems clear: the turbulence is not yet over – 2026 will be another bumpy ride. But the industry that emerges from this disruption will have significantly changed.
And as the industry changes, so does the legal, tax and regulatory environment.
In many ways, change is positive – a sign of the market’s increasing maturity and a symptom of its size and economic significance. Governments focused on growth and innovation are keen to nurture private markets and harness their untapped potential.
But not all changes will be welcome: many will be burdensome and some unhelpful (even if they are designed to help).
Our aim is to help you navigate the good, the bad and the plain ugly!
In this year’s edition of Insights ’26, our annual preview of the year ahead, we look at the key legal, tax and regulatory developments to watch for in the 12 months ahead – and give some views on how they will affect your firm.
As you read on, you will see that our specialists offer their thoughts on how the standout items fit together and what they mean for you. The resulting six opinion pieces, each on a different theme, are supplemented by links to briefings that provide more detail on the specific developments that should be on your checklist this year.
As always, we welcome your feedback – and we all really look forward to working with you this year. It goes without saying that we have a fabulous team that stands ready to help you deal with whatever 2026 throws at us!