Besides, private markets display a sector concentration similar to that of public markets, particularly in information technology. The ECB’s 2025 Financial Stability Review highlights the growing share of IT-related transactions in private markets (Fig. This has elevated them to a systemic force within the industry, with meaningful implications for financial markets. The illusion of liquidity masks great risk to Liquidity DynamicsWe see an increased risk that non-committed liquidity providers may withdraw liquidity simultaneously, even if driven by different underlying reasons. An unprecedented situation with serious implications for Liquidity DynamicsThe easiest take away is that looking in the rear-view mirror is unreliable.