Lazard
The latest research and outlooks in the ProAllocate library
- Thematics
Lazard Global Biopharmaceutical Leaders Study 2026
A survey of 400 biopharma executives and investors finds improved biotech equity sentiment, rebounding financing and rising M&A activity, though macro, FDA, drug-pricing and China-related risks persist. Bolt-on deals and licensing are expected to rise while AI's impact shifts from chemistry toward biological discovery.
- Private Markets
Lazard Interim 2026 Secondary Market Report
Private equity secondaries hit a record $124bn in H1 2026, up 28% year-on-year, as GP-led and LP-led volumes both reached new highs amid selective traditional exit channels. Continued fundraising and dry powder support full-year volume forecasts of $275bn despite software valuation adjustments and geopolitical uncertainty.
- Macro
Ron Temple's Global Mid-Year Outlook 2026: Three Core Convictions Shaping Markets
Lazard's Ronald Temple forecasts a weaker U.S. dollar, steeper developed-market yield curves from widening fiscal deficits, and stronger relative performance of non-U.S. equities as valuations and diversification favor overseas markets.
- Equities
Review of Shareholder Activism - H1 2026
Lazard's H1 2026 review finds shareholder activism hit a record 184 campaigns globally, driven by concentrated activists targeting capital allocation, M&A and AI strategy, with U.S. and Japan activity surging while Europe moderated.
- Fixed Income
Sovereign Debt – Towards More Complex and Costly Capital Structures?
Lazard's Sovereign Advisory team warns that growing complexity in sovereign debt structures, driven by opaque creditor hierarchies and contingent instruments, raises borrowing costs and hampers restructuring. It calls for policy discipline to favour transparent, contingent debt forms over subordinating, opaque ones.
- Macro
Political Capital: How Geopolitics is Reshaping Cross-Border Investment and M&A
Geopolitical rivalry and state intervention are reshaping global capital flows, with US and European investment retreating from China toward Southeast Asia, India and Mexico. Dealmaking increasingly clusters within US-Europe and US-GCC corridors shaped by industrial policy and supply-chain resilience.
- Private Markets
Lazard Healthcare Services Leaders Study 2026
A survey of 192 healthcare services executives finds capital access improving in 2026, driven by private equity and IPOs, while AI adoption and shifting policy on Medicaid, ACA and Medicare Advantage reshape strategic priorities.
- Private Markets
Lazard 2025 Secondary Market Report
The private equity secondary market expanded 53% in 2025 to $233 billion, split roughly evenly between GP-led and LP-led deals, as sponsors and LPs sought liquidity beyond M&A and IPO markets. Growth in deployable capital, semi-liquid vehicles and new entrants is expected to sustain activity into 2026.
- Macro
Top Geopolitical Trends in 2026
Lazard's geopolitical advisory unit outlines five 2026 trends: rising state intervention in markets, EU-China trade friction over industrial overcapacity, Latin America's rightward political shift, critical mineral supply-chain alliances, and fragile US-China diplomacy.