Preqin, the private markets data provider, forecasts that private credit fund assets under management will pass US$5 trillion by the end of 2031, and that private credit and infrastructure will grow fastest among major private asset classes.

In short: The forecast comes from Preqin's Private Markets in 2031 report, listed on its site on 21 October 2026. The public summary gives no Asia-Pacific figures and no methodology, so APAC allocators should treat it as a global direction of travel and ask what it means for regional fund terms, evergreen access and local deal flow.

TL;DR

  • Preqin forecasts private credit fund AUM to surpass US$5 trillion by end-2031, up from a US$4.5 trillion private credit forecast for 2030 in last year's edition.
  • It expects private credit and infrastructure funds to grow fastest, and evergreen private credit funds to grow faster than all major closed-end private credit fund types.
  • The public summary contains no APAC-specific numbers, so regional implications are not confirmed by the source.

What exactly is Preqin forecasting for 2031?

Preqin's summary page for Private Markets in 2031 says private credit funds' AUM is forecast to surpass US$5 trillion by end-2031. It states that AUM for private credit and infrastructure funds will grow fastest, and that private credit evergreen funds, which allow ongoing subscriptions rather than a fixed fundraising window, are expected to grow faster than all major closed-end private credit fund types. For infrastructure, Preqin names three structural drivers: digitalisation and connectivity, supply-chain resilience, and power and energy security. The full report is available to subscribers only, so figures beyond the summary were not reviewed.

How does it compare with last year's forecast?

The previous edition, Private Markets in 2030, projected global alternatives AUM of US$32 trillion by 2030, private credit of US$4.5 trillion and infrastructure approaching US$3 trillion, according to Preqin's October 2025 release. That edition also expected the traditional 60/40 portfolio to shift toward a 50/30/20 split, and Preqin's Cameron Joyce said private markets were entering a new era of growth. The two editions look one year apart, so the US$4.5 trillion and US$5 trillion figures are not a like-for-like upgrade. Preqin says its forecasts come from a proprietary model built by its data science team.

Why does this matter for APAC allocators?

The public summary has no regional split, so the Asia-Pacific read-across is an open question rather than a finding. Our own coverage shows why the question is live: Asian private credit fundraising fell to a 12-year low in the first half of 2026, while evergreen private market funds are being brought to Hong Kong professional investors by Chubb Wealth and Hamilton Lane, and JICA has committed up to US$65 million to BlackRock's GIP emerging Asia infrastructure credit fund. Questions worth putting to managers include how much of their forecast growth is expected in Asia, whether evergreen vehicles are open to regional investors, and how fees and liquidity terms compare with closed-end funds. Not confirmed: any APAC share of the US$5 trillion, the forecast's underlying assumptions, and whether regional fundraising will recover. Related reading on this site: https://altassetasia.com/asian-private-credit-fundraising-falls-to-a-12-year-low-in-h1-2026-what-apac-investors-should-ask/ , https://altassetasia.com/chubb-wealth-and-hamilton-lane-bring-evergreen-private-market-funds-to-hong-kong-professional-investors/ and https://altassetasia.com/jica-commits-up-to-us-65-million-to-blackrocks-gip-emerging-asia-infrastructure-credit-fund/ . Family offices weighing these asset classes may also find context at Asia Family Office Hub, https://asiafamilyofficehub.com/ . This is information only and not investment advice.

Frequently Asked Questions

What does Preqin forecast for private credit by 2031?

Preqin forecasts that private credit funds' AUM will surpass US$5 trillion by end-2031, according to its Private Markets in 2031 summary page.

Which private market asset classes does Preqin expect to grow fastest?

Private credit and infrastructure funds, per the summary. It also expects private credit evergreen funds to grow faster than all major closed-end private credit fund types.

Does the Preqin 2031 forecast include Asia-Pacific numbers?

Not in the public summary reviewed. APAC-specific figures, if any, would be in the subscriber-only full report.

Sources and Method

Prepared from Preqin's Private Markets in 2031 summary page at https://www.preqin.com/insights/research/reports/private-markets-in-2031 (dated 21 October 2026 on its Insights listing) and Preqin's Private Markets in 2030 release on Business Wire (October 2025) at https://www.businesswire.com/news/home/20251016075672/en/Preqin-Releases-Private-Markets-in-2030-Report . No independent third-party coverage of the 2031 report was found at the time of writing, so all forecast figures are Preqin's own and unaudited. Cover photo: Central Hong Kong skyline from Victoria Harbour by Daniel Case, via Wikimedia Commons, CC BY-SA 3.0.