Hilary Wiek: Perspective on Private Markets - The Long View Recap

Podcast: The Long View

Published: 2026-02-24

Duration: 50 min

Summary

Hilary Wiek discusses the evolving landscape of private markets, emphasizing the importance of relationships and trust in private equity. She also highlights the challenges faced by investors in navigating these markets, especially in light of recent geopolitical uncertainties.

What Happened

In this episode of The Long View, hosts Ben Johnson and Christine Benz welcome Hilary Wiek, a principal analyst at Pitchbook, to share her insights on private markets. With over 20 years of experience in the investment sector, Wiek recounts her journey, starting from her discovery of private equity in 1999 while working for a public utility. She highlights her roles across various organizations, including her previous position as director of investments at the St. Paul and Minnesota Foundations, where she focused on portfolio management and impact investing.

Wiek discusses the current state of global private markets as they head into 2026. She expresses a hopeful outlook, noting an uptick in deal activity after a dry spell in 2021 and 2022, particularly in Europe compared to the U.S. However, she underscores the challenges posed by an unpredictable U.S. government and fluctuating interest rates, which have made it difficult for investors to plan effectively. Wiek emphasizes that the dynamics of private equity hinge on relationships and reputation, defining them as crucial elements that influence long-term success in this space.

Key Insights

Key Questions Answered

What is the role of LPs and GPs in private equity?

In private equity, the terms LP and GP refer to limited partners and general partners, respectively. Limited partners are the investors who allocate capital to private equity funds, while general partners are responsible for managing those funds. Traditionally, LPs commit capital to drawdown funds, which means their money is only invested when a suitable opportunity arises. This structure creates a relationship where GPs manage the investment process, while LPs provide the necessary capital.

What recent trends are emerging in global private markets?

Hilary Wiek indicates that global private markets are showing signs of recovery as deal activity picks up. After a period of stagnation in 2021 and 2022, there is renewed hope for 2025, particularly in Europe, which has outperformed the U.S. in terms of deal activity. Wiek attributes this uptick in activity to falling interest rates, suggesting that investors are starting to feel more confident about deploying capital.

What are the challenges facing venture capital firms in raising new funds?

Wiek identifies a significant challenge for venture capital firms as the lack of distribution. Many firms are holding onto their portfolio companies longer, which impacts their ability to return capital to limited partners. When LPs do not receive their funds back, it constrains their capacity to commit to new investments, leading to an overallocated situation where they cannot allocate capital efficiently.

How has Wiek's background influenced her perspective on private markets?

With a diverse background spanning over two decades, Wiek brings a wealth of experience to her analysis of private markets. Her previous roles, particularly as the director of investments at a foundation, have informed her understanding of how to conduct thorough due diligence on fund managers. This qualitative approach is essential in private equity, where relationships and trust play a critical role in investment success.

What is the significance of the evergreen evolution in private markets?

Wiek discusses the concept of the evergreen evolution, which refers to the emergence of investment products with semi-liquid characteristics that allow for more accessible participation in private markets. This development is crucial as it aims to include investors who have historically been excluded due to high income or wealth barriers, thus democratizing access to private equity investments.