In the first quarter of 2025, KPMG conducted a survey of 301 institutional investors that invest in private companies. Respondents included private equity, venture capital and hedge fund managers; family offices; and other asset managers. They manage portfolios ranging from $100 million to $300 billion and invest in varied sectors of the economy. The survey assessed the factors and metrics they consider when making investment decisions; key concerns and risks; the impact of technological advances; the impact of market position, competitive advantage and disruption; governance; cybersecurity; and sustainability. This article synthesizes KPMG’s findings. See “Study Finds Increasing Hedge Fund Interest in Digital Assets” (Mar. 13, 2025).