硅谷银行：2026年全球私人市场趋势报告（英文版）

The macro backdrop has shifted meaningfully over the past 18 months. Lower interest rates and the expectation of sustained cuts have provided a needed tailwind for risk assets. Treasuries are no longer sucking oxygen out of the room, and investors are rotating back into innovation. But the green shoots come with thorns. Policy uncertainty has spiked, particularly from trade realignments and tariff shocks. Fund managers see this change in the macro environment differently than the rate hikes i