The report explores the trends shaping private-market investors' decisions and strategies for generating returns in a changing world. The research is based on a survey, interviews, and desk research conducted by The Economist Intelligence Unit on behalf of Adams Street Partners. The report covers limited partners in Asia, Europe, and North America and highlights the role of private markets in navigating the pandemic's impact. The authors thank experts from various institutions for their participation in the qualitative interviews. The report was written by Monica Woodley and edited by Monica Ballesteros.