AM and PE CEOs bullish about industry prospects - KPMG survey

Asset Management and Private Equity heads are increasingly bullish about the prospects for their company and the wider industry, the results of a KPMG global survey of 110 AM and PE CEOs published on Tuesday showed.

As much as 83% of AM CEOs in the survey, conducted in the summer of 2025, voiced confidence in the growth prospects of the industry, up from 73% in the year prior, while 80% are positive about their company's growth prospects.

This optimism is reflected in earnings expectations. The survey found that 23% of Asset Managers anticipate earnings growth of more than 5% over the next three years. At the same time, 29% of CEOs reported concerns about macroeconomic uncertainty. Another 22% highlighted worries over access to capital and financial performance, likely influenced by interest rate fluctuations, inflation, valuation gaps, and the challenging exit environment prevailing at the time.

"Clarity is replacing uncertainty as PE managers and Asset Management CEOs start to get more comfortable around a stronger outlook for 2026. Confidence is
driving deployment and deployment is leading to greater disposals. Asset management leaders have good reason to be bullish," said Gavin Geminder, Global Head of Private Equity at KPMG International.

Value creation remains a top priority as managers aim to narrow the valuation gap. The survey showed that sector CEOs are focusing on digitalization and AI adoption, both to boost operational efficiency across their assets and portfolio companies, and to enhance the employee value proposition and attract top talent.

Meanwhile, M&A activity among AM and PE firms continues to be strong, but increasingly selective. Dealmakers are concentrating on resilient, profitable businesses while leveraging the current environment to strengthen internal capabilities and position themselves for future market shifts.

In the survey, two-thirds of the broader AM respondents identify AI as their top investment priority, with 74% planning to dedicate at least 10% of their budgets to the technology. Among PEy leaders, the focus is even stronger: 77% rank AI as a top investment priority, with the same proportion planning to allocate more than 10% of their non-investment budgets to AI initiatives.

Why it matters:

The survey signals a shift from uncertainty to opportunity in the AM and PE industry. Optimism is driving investment in digitalization, AI, and selective M&A, while reinforcing value creation and operational efficiency—trends that could shape sector growth and competitive positioning through 2026 and beyond.