A Return to Larger, Structured Transactions within Private Tech

Private tech markets are entering a more disciplined phase. After years shaped by volatility, liquidity constraints, and uneven exit conditions, 2026 is shaping up to be a year when execution and structure matter more than ever.

Looking back, 2025 delivered the recovery many anticipated. Capital began flowing back into late-stage growth companies, and transaction activity picked up – particularly in the second half of the year. At the same time, IPOs have returned. While outcomes remain mixed, it highlights why many leading companies continue to rely on private market solutions for liquidity and growth capital.

Structure over speed

“At the start of 2026, we’re seeing continued risk appetite, more companies raising capital, and more structured transactions getting done,” says Erik Arnetz, CEO of SV Ventures.

As high-growth companies stay private for longer, well-run processes have become increasingly important. They provide liquidity for early shareholders and employees, while ensuring greater clarity around valuation and execution.

Secondary activity has also evolved to become a core part of the ecosystem.

“Secondaries allow investors to gain liquidity and redeploy capital, while also offering a path into late-stage companies,” Arnetz explains.

A window reopening

Importantly, 2026 is not only about secondaries. There are clear signs that late-stage companies are beginning to raise primary capital again.

Growth-oriented companies with strong KPIs are leaning into a more supportive environment, using fresh capital to finance expansion, M&As, and long-term strategic initiatives. Investor interest is returning, but discipline remains.

“Capital is flowing toward companies that combine significant ambitions with operational resilience and clear paths to profitability,” says Arnetz.

Swedish tech enters 2026 with broad momentum across sectors like AI, fintech, and healthtech, alongside renewed interest in cleantech after a more challenging period. Nordic private tech is also continuing to attract increased international attention, creating a stronger foundation for both liquidity events and long-term ownership transitions – in turn enabling the Nordics to continue to grow world-class, late stage companies in Nordics

For Arnetz, the outlook signals a market returning to more normal conditions. Investor confidence is strengthening, and larger, structured transactions are gaining momentum across both primaries and secondaries.

2026 is not a return to the overheated market of the past, but a more disciplined, robust environment where capital is available, yet selective.

“Private markets are entering a more mature phase, where clarity, resilience, and long-term value creation will matter more than ever,” says Arnetz.