As we begin 2026, I would like to extend my best wishes for a happy and successful year ahead. I also want to share an update on Langham Hall and our expectations for the year to come.

As private markets continue to adjust to the new normal, there are early signs of stabilisation. Fundraising remains selective and exit activity uneven, but high-quality managers are returning to the market and we are seeing an abundance of new firms and spin-outs. In what is often described as a barbell environment, investors are showing the strongest conviction towards either clearly differentiated specialist strategies or scaled platforms, and selectivity has increased across the board.

We expect 2026 to bring a gradual improvement in liquidity and a more constructive fundraising backdrop, supported by continued secondary activity and a steady reopening of M&A. At the same time, expectations on transparency, governance and reporting continue to rise. Managers and investors increasingly want timely, decision-useful information, and greater confidence in the data behind it.

Langham Hall now has 900 people across Europe, Asia and the US and remains owned exclusively by management. This ownership structure underpins our priorities for 2026, which centre on client leadership, technical excellence and continued investment in our teams.

We will also continue to develop Wolfram and our computable data strategy, with a practical focus on improving data quality, reporting efficiency and the accessibility of client information. Across our offices, we remain focused on delivering joined-up support for managers and investors, combining local expertise with the depth of a global platform.

We have also continued to invest in leadership and in the foundations of our professional services. In 2026, Richard James will continue as Head of UK and will also take on the role of Head of Europe. This will strengthen our European platform and provide additional depth and support to jurisdictional leadership.

I would like to express my sincere gratitude to our clients and advisers for your continued trust and support.

Best wishes,

Rob Short
Managing Partner