UK-listed private equity investment trusts have moved back into focus as investors look ahead to 2026, with several vehicles highlighted by commentators as potential beneficiaries of easing market conditions and a renewed appetite for private assets.

After a prolonged period trading at wide discounts to net asset value, the sector has attracted interest from analysts and private investors assessing the scope for discount narrowing, improved exit activity and steadier valuations.

Among the most frequently cited names is HarbourVest Global Private Equity, a diversified vehicle offering exposure to buyout funds worldwide. The trust has been referenced in sector commentary as a core holding for investors seeking listed access to private equity, particularly given recent efforts by boards across the sector to address persistent discounts.

HgCapital Trust, one of the largest UK-listed private equity trusts, also continues to feature in investor discussions. The London-listed vehicle provides exposure to Hg’s portfolio of software and services businesses and remains closely watched following a steady flow of new investments and realisations.

Elsewhere, trusts such as Oakley Capital Investments and NB Private Equity Partners are often grouped alongside the sector’s larger players as alternative ways to access private equity strategies through public markets, although coverage tends to be more selective.

Beyond traditional buyout vehicles, some commentators have pointed to growth-focused investment trusts with significant private company exposure. Schiehallion, managed by Baillie Gifford, invests in later-stage private businesses and has been mentioned in year-ahead outlooks as a way to gain exposure to private growth companies through a listed structure.

More broadly, analysts note that private markets exposure, spanning private equity, credit and infrastructure, is regaining appeal as public market volatility moderates. This has prompted renewed interest in listed investment companies that offer access to less liquid assets while retaining daily tradability.

However, observers caution that performance will remain sensitive to valuation assumptions, interest rates and the pace of exits. While discounts provide potential upside, they also reflect ongoing uncertainty around private market pricing.

As 2026 approaches, the sector’s prospects are likely to hinge on whether dealmaking activity recovers and whether boards can sustain investor confidence in reported net asset values, factors that will determine whether the renewed attention translates into lasting support for UK-listed private equity trusts.