New rules, new playbook: What growth in this market looks like now

The era of easy wins in private equity is over. For years, low interest rates and cheap debt did the heavy lifting for returns—but in 2026, the playbook has been completely rewritten. In this installment of Livewire's Growth Series, Anna Dadic sits down with Gabriel Ng, Managing Director at Neuberger Private Markets. Gabriel breaks down why "12 is the new 5," explaining that managers now need double-digit earnings growth to achieve the same returns that 5% used to deliver. From the reality of AI implementation to the "liquidity crunch" creating new openings in secondaries and continuation funds, this interview unpacks and navigates the shifting landscape of private markets. In this episode, we discuss: - The Returns Equation: Why leverage and multiple expansion are out, and operational earnings growth is in. - The "12 is the New 5" Rule: What it means for your portfolio expectations. - AI—Hype vs. Reality: Where durable value is actually being created in data infrastructure and services. - Strategic Growth Themes: Why Neuberger is backing Defense, Space Tech, and Healthcare. - The Liquidity Gap: How "mid-life transactions" and GP-led secondaries are solving the exit problem. - Manager Selection: Why the gap between top and bottom-quartile performers is set to widen. Read the summary here: https://bit.ly/42nkyYT Timecodes: 00:00 - Introduction 00:24 - Why 12% earnings growth is the new benchmark 01:37 - Moving beyond leverage: How returns are generated today 02:30 - Durable growth in AI 03:45 - True earnings growth versus financial engineering 05:49 - Liquidity solutions 08:04 - The strategy within an evergreen structure 09:54 - A broader and more diverse approach 10:46 - Where does PE sit in a portfolio?