The first half of 2023 has cemented the shift into a new macro regime. With the end of an era of global trade integration, cheap and abundant debt, we believe we’re entering a ‘brave new world’ of investing. Our latest Private Markets Outlook – written by Tina Jessop, Senior Economist, Stephan Schäli, Chief Investment Officer, and Nils Bartel, Global Head Capital Markets – presents our views on the implications of this change for the economy and for private markets investments.