2025 - 05
This preface was originally written in Dutch. This is an English translation.
Between slowing growth and new opportunities.
Global economic growth appears to be slowing somewhat. While the OECD estimated global GDP growth for 2025 at around 3.1%, the World Bank now puts it at 2.3%, significantly lower than previously forecast. One important explanation for this is geopolitical tensions, including the trade wars that Trump is waging with numerous countries.
One ‘advantage’ of slowing growth is that inflation is falling, giving central banks room to lower interest rates. Europe has already started a cycle of interest rate cuts and the US is expected to follow suit in the autumn.
Low interest rates are generally favourable for investors, as virtually all asset classes – both public and private – benefit from them. For example, the US stock markets have already reached new highs, partly thanks to Trump's Big Beautiful Bill.
For private markets, however, 2025 is proving to be much more challenging. Fundraising is lagging behind and financing pressure is increasing. According to the Financial Times, global private equity capital raised through June amounted to only $592 billion – the lowest level in seven years.
Nevertheless, there are also positive exceptions: investments in infrastructure, ESG, AI and certain European markets are attracting attention. Moreover, many investors expect private markets to recover as soon as the monetary and geopolitical climate improves.
Within private markets, real assets stand out as a fast-growing asset class that offers stability and diversification. From senior housing and student accommodation to green infrastructure and sustainable energy systems, the opportunities to make an impact and achieve financial returns are rapidly increasing. Norbert Bol talks more about the opportunities – but also the courage needed to seize them – in our cover interview.
This issue also takes an in-depth look at private equity and venture capital, including a report on the round table discussion on impact investing in this asset class. Here too, there are opportunities for impact investors who want to drive change, whether it concerns access to healthcare or stimulating the energy transition. The challenges are considerable, but so are the potential impact and returns.
Enjoy the read!
Jolanda de Groot, Editor-in-Chief