As we reach the end of the summer, private equity investors are reassessing their portfolios, deployment priorities and liquidity expectations for the remainder of the year and beyond. 

In this quarter’s edition of our Private Equity Market Insight, “Bringing Capital Down to Earth,” we examine several questions shaping those decisions:

• Why the return of capital—or “re-entry”—now matters as much as deployment
• How liquidity pressures are testing semi-liquid evergreen vehicles
• Why governance and selectivity are becoming increasingly important in continuation-vehicle transactions
• Where we see opportunities beyond the crowded capital flows into artificial intelligence and defence
• Why Germany’s structural complexity may create attractive entry points for investors with local expertise

The report also includes the highlights of Sagard Private Equity’s investment and exit activity during the quarter.