1、Q2 2025Growth Investor Survey“Crosswinds”202Private markets:Heightened deployment scrutiny and a focus on sustainable growth03Valuation:Investors anticipate pricing in policy-related uncertaintyAt this time of turbulence,we surveyed 90 of the worlds leading growth investors,with$3 trillion of assets

2、 under management,for a unique insight into private capital market dynamics and whats to come.Tariffs have reversed investors macroeconomic expectations and are increasing deployment scrutiny.Investors continue to focus on sustainable growth and profitability while pricing in uncertainty.01Macroecon

3、omy:Tariffs have reversed expectations of economic improvementThe U.S.administrations announcement of tariffs and related uncertainty have reversed macroeconomic sentiment,which had been improving.Prior to tariffs,eight in 10 investors expected macroeconomic conditions to remain stable or improve th

4、rough 2025.Post-tariffs,seven in 10 investors expect macroeconomic conditions to weaken.Pre-tariffs,two-thirds of investors expected the IPO window to reopen in 2025.Public market volatility will delay the broad reopening of the IPO window.The weak listing environment since 2022 has reset investors

5、exit assumptions.Fewer than one in 10 investors view IPO as their preferred exit route.Almost all investors favour a sale,with a preference for strategic buyers.Geopolitical conflicts will continue to weigh on financial markets.A majority of investors believe dynamics in Ukraine,for example,will con

6、tinue to affect financial markets into 2026.Tariffs and volatility in public market indices are likely to impact private market valuations that had stabilised.Pre-tariffs,almost all investors expected to offer valuations in 2025 that were in line with the past 12 months.Post-tariffs,investors antici