Our latest industry survey reveals the real life impact of working in private markets. From the emotional toll and late-night calculator sessions to recalibrating during an off-grid holiday - explore the full results.
We asked private markets professionals how the pressures of the job are really affecting them and the results aren’t sugar-coated. Nearly three-quarters of respondents said the pressure has affected them personally.
What’s striking is how closely this year’s results mirror those of 2024. The pressure, the emotional drain, the sleepless nights - they’re not letting up. Some respondents show signs of adapting, even finding small ways to cope. Others describe the experience as a roller coaster. And for many, the dominant feeling is simply exhaustion. The need for smarter support systems and better tools has never been clearer.
With pressure levels holding steady year over year, it’s no surprise that many in the industry are actively looking for ways to protect their well-being. The emotional toll is pushing professionals to find outlets - some healthy, some humorous. The trend is clear: movement and mental space are the new must-haves. Nearly half of respondents said they clear their heads by walking or exercising outside, with 39% turning to home workouts or the gym. Sports also rank high as a way to shake off the day’s stress. It’s less about hitting fitness goals and more about staying sane.
But while the body is in motion, the phone rarely rests. Only 10% of respondents said they firmly put away work devices after 6 PM, a small number that says a lot about boundaries - or the lack of them. Still, many are carving out quality time with family and friends (almost 65%) as a way to reset.
Interestingly, more than 20% of respondents said they turn to one specific kitchen chore as a way to decompress: mercilessly hacking vegetables into tiny cubes. Whether it’s the focus, the physicality, or just the satisfying sound of the knife, it seems culinary therapy is becoming a go-to release valve for growing frustration. It's a sharp reminder that when the job starts to slice into personal life, people find their own ways to take the edge off.
Even with all these coping strategies in play, many professionals still look to holidays as their main chance to recharge. Beach and relaxation trips topped the list of preferred escapes, followed by city breaks and nature getaways. But for some, even the idea of a break feels out of reach: nearly 8% said they haven’t had the time to think about planning a holiday at all.
And when they do manage to get away? The threat of being pulled back into work is always looming. More than half of respondents said a client in crisis would snap them out of holiday mode in an instant, with critical staff leaving, missed reporting deadlines, data breaches, and regulatory shifts not far behind. Interestingly, nearly 1 in 5 pointed to under-investment in technology as a key reason they can’t fully switch off, highlighting how outdated systems don’t just cause stress in the office, but follow you all the way to the beach (or up the mountain).
Of course, truly switching off is hard when the consequences of a small mistake can be enormous. We asked respondents to share the worst things they’ve seen happen as a result of data or calculation errors, and the answers were sobering.
From misattributed performance and poor investment decisions, to millions of dollars misallocated due to broken formulas - including circular references that caused valuations not to update properly - the stakes are sky-high. Overpaying distributions emerged as one of the most painful and complex issues to unwind, with one respondent revealing a waterfall model that was off by 10%, leading to a $20 million overpayment. Others mentioned client meltdowns, recalculating carry from scratch, or turning a routine $400 expense into a $250,000 reporting mess.
In a world where one wrong cell in Excel can lead to the loss of LPs, reputational damage, and sleepless nights, it’s no wonder so many professionals are tightening their controls and pushing for better tools.
The real damage often isn’t just the error itself, it’s what happens when it goes unnoticed (for a while). Uncomfortable conversations with clients topped the list of fallout scenarios, closely followed by delays, costly rework, and ultimately, lost internal credibility. And while performance numbers can be corrected, rebuilding trust inside a team or with investors is far harder.
Unsurprisingly, we’re seeing increased interest in tools that help prevent mistakes before they escalate and not just from the C-level. What’s changing is that the push is now coming from the ground up. The professionals doing the actual calculations, reconciliations, and reporting are actively seeking out better platforms, because they know first-hand how critical it is to get things right the first time.
To keep errors in check, over 60% of respondents rely on a second set of eyes to review their work, a human failsafe. But just as importantly, more than 45% are now ready to use specialist automated tools wherever possible, signaling a shift toward smarter, more scalable ways of safeguarding accuracy.
If the data told one side of the story, the anonymous confessions filled in the rest. This year, several respondents didn’t hold back, lifting the lid on just how fragile some of the industry’s foundations really are.
One admitted: “90% of fund accounting professionals don’t understand the basics of waterfall allocations.” Half of LPAs? “Poorly written.” And as one person bluntly put it: “Understanding fund operations often comes down to how much you can get out of someone without it technically being bribery.”
The message here isn’t just that things go wrong, it’s that too often, people aren’t even sure what “right” looks like. The result? Quiet second-guessing, vague conversations, and professionals admitting: “I’m not even certain if the waterfall is correct.”
One quote summed it up perfectly: “There’s nothing shocking when there’s no clear communication in the first place.” The industry’s complexity is real but so is the need for better knowledge, transparency, and tools that help everyone operate with more confidence.
