The new era for global markets is shaped by rising sovereign debt, tighter liquidity, geopolitical fragmentation, and the rapid expansion of private credit. As governments fund deficits, AI, and energy transition investments, capital demands intensify and policy flexibility grows narrower. This CEO-level discussion will ask whether private markets are a stabilizing force in this debt-heavy environment or a potential source of future stress, while exploring portfolio positioning, yield dynamics, and the evolving balance between public and private capital as 2026 rapidly recedes into the distance. Are private markets absorbing risk more effectively than traditional banks and public markets, or are they simply relocating it? And, as debt burdens rise globally, where should institutional investors position capital for resilience and long-term returns?