Sluggish distributions to push investors towards GP-led continuations amid tariff uncertainty

Trump’s Liberation Day tariff announcements have slowed down deal flow, with sourcing expected to remain uneven as markets absorb the impact. As early-2025 optimism fades and distributions turn sluggish, investor focus is shifting to more defensive plays—private credit, infrastructure, and fund-of-funds—for resilience as well as predictable returns and liquidity solutions, with GP-led continuation vehicles poised to gain momentum.