Private markets have historically operated at a different pace from public markets. As private markets expand into wealth channels and semi-liquid fund structures gain traction, expectations around transparency are rising. Growth is raising expectations across the marketState Street’s fifth annual 2026 Private Markets Study, based on a global survey of 480 private markets participants, reflects the growing significance of this challenge. The firms that succeed in the next phase of private markets growth will be those that can provide greater transparency and confidence, while recognizing the unique characteristics of private market assets. That requires faster information flows, stronger data quality, and more connected ecosystems across the private markets value chain.