Unloved but not out of focus

Research evidence excerpt

Unloved but not out of focus

Equity Research

8 July 2026

European Private Capital Managers

Recent US and European marketing showed investor appetite

to revisit the private capital AM sub-sector after its latest de-

rating with the Partners evergreen redemptions. We set out European Diversified Financials POSITIVE

Unchangedareas of investor questions alongside the focus points for Q2

reporting. Preferred sub-sector names are ICG and CVC. European Diversified Financials

Michael Sanderson

+44 (0)20 3134 2487

EQT AB: Barclays Bank PLC and/or its affiliates is acting as a financial adviser to Isotope Bidco michael.sanderson@barclays.com

Limited on its potential acquisition of Intertek Group PLC. Barclays, UK

Grace Dargan

A difficult H1 but investors still interested - key questions from investors: The Private

+44 (0)20 3555 4065

Capital sector has had a difficult H1 with key stocks now amongst the most shorted in Europe. grace.dargan@barclays.com

Recent investor meetings in US, Europe and UK points to the Private Capital sector as still being Barclays, UK

of interest although investors remain cautious around the timing given the ongoing news

Krystal Han

around redemptions in the US BDC structures and in the more mature evergreen structures of

+44 (0)20 7116 1890

Partners Group. With some of the geopolitical concerns easing and evidence of macro and krystal.han@barclays.com

market conditions stabilising, we set out the key questions raised by investors in recent Barclays, UK

marketing.

Claudia Gaspari

Fundraising resilient despite multiple headwinds: Gross fundraising remains the key source +44 (0)20 3134 6039

claudia.gaspari@barclays.com

of growth for the sector and progress here remains strong in Europe despite the challenging

Barclays, UK

market and macro backdrop.