Market Outlook & Macro Environment
War has thrown a wrench into anyone’s ability to forecast. Uncertainty and volatility will dominate until we have resolution. However, before the start of the war, FNEX’s Advisory Board met and had a very positive perspective on the next two quarters.
M&A & Capital Markets Activity
Our M&A teams noted that private equity (PE) was much more active in Q4, and that has continued into Q1. Corporate development and venture investing have also entered the market this year. FNEX has seen a significant uptick in LOIs, which will hopefully result in acquisitions. CES projected a substantial flow of capital and increasing corporate acquisition momentum continuing through the first half of the year.
Late-Stage Venture / Pre-IPO Market
The late-stage venture / pre-IPO shares market has been, and continues to be, dominated by SpaceX’s $1.25T valuation. Names like Anduril and Anthropic continue to lead the space. Dominated by defense, space, and AI, the private share market appears to be off to a strong first half of 2026.
Real Estate Performance
Our real estate teams continue to exceed expectations. Our brokers anticipate the second best year on record, mirroring 2022 activity.
Retail Investor Trends
Regarding retail investors, conditions continue to reflect 2025, largely status quo. Although there has been some capital flowing into real estate and liquid alternatives, most allocations have been yield based and conservative. Some asset managers anticipate a broadening of the risk profile in 2026, with expansion into small caps and international exposure.
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