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Trends Impacting Private Markets
H2 2025

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Key Takeaways

Changing trade policy and continued technological innovation are top of mind for private funds CFOs.

01 Publicly traded PE firms

have been focused on managing tariffs, according to earnings call transcripts.

02 The AI rush has produced

a 65% increase in the amount of capital called by tech funds between Q4 2023 and Q2 2025.¹

03 85% of PE firms are using

or plan to use AI in the next twelve months, up from just 49% a year ago.²

The data

Tariffs and AI are playing key roles in private funds’ decision-making.

102488 H 2 2025 GFB Landing page 484 x 306 1
Source: Earnings transcripts and SVB analysis
Macroeconomics

Tariffs in the Spotlight

Publicly traded PE firms have turned their attention to tariffs, according to earnings call transcripts.

The uptick in tariff talk underscores how trade policy has become the primary macro concern for private funds in 2025.

Capital

Capital Pours into AI

Tech funds have rapidly increased their capital call activity at a rate that far outpaces that of non-tech funds.

This activity reflects the drive to invest in the AI space.

H 2 2025 GFB Landing page 484 x 306 V Cs AI rush
Source: SVB proprietary data and SVB analysis.
102488 H 2 2025 GFB Landing page 484 x 306 3
Planning to use in the next 12 months.
Source:  SVB survey and SVB analysis.
AI

AI Hesitancy Has Vanished

Last year, nearly half of firms said they did not have plans to use AI tools. Today, that reluctance has disappeared.

For most firms, AI is no longer a matter of “if” but “how.”

Global Fund Banking Outlook, H2 2025

Read the full report for more insights.  
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1 Based on all private funds with an active CCLOC and all non-buyout tech funds with an active CCLOC.
  Source: SVB proprietary data and SVB analysis.

2 Planning to use in next 12 months. 
  Source: SVB survey and SVB analysis.


The views expressed in this article are solely those of the author and do not necessarily reflect the views of Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, or any of its affiliates

This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable but which has not been independently verified by us, and, as such, we do not represent the information is accurate or complete. The information should not be viewed as tax, accounting, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment, or to engage in any other transaction.

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