Private Markets: Why Retail Investors Should Stay Away
As regulators move to open private markets to a wider investor base, the question is not whether retail access should be allowed, but whether the structure of these markets can ...
Alternative Investments
Private Credit Secondaries: From Niche Strategy to Core Portfolio Tool
The topic of secondaries markets is a controversial one. On the one hand, secondaries are a vital source of liquidity for both limited partners (LPs) and general partners (GPs) in ...
Are Institutional Investors Meeting Their Goals? Spotlight on Earnings Objectives
Public pension funds allocate on average 30% of their assets to expensive alternative investments and as a result have underperformed passive index benchmarks by 1.2% per year since ...
The Alternative Investment Gender Gap: Marketing to Female Clients
Why do men allocate twice as much of their assets to alternative investments as women do? That’s one of the questions I asked 52 successful investors around the world for my “Women ...
Wall Street’s Latest Flood: Private Credit
“Once a majority of players adopts a heretofore contrarian position, the minority view becomes the widely held perspective.” DAVID SWENSEN, late CIO of the Yale Investments ...
From Equities to Real Assets: Key Trends Shaping Multi-Asset Investment
Multi-asset strategies are the supreme discipline in investment management. Managers of these strategies consider all asset classes worldwide as part of their investment universe. ...
A Reality Check on Private Markets: Part III
This is the final post in my three-part series on performance measurement for private market funds and the difficulties of using the internal rate of return (IRR) measure as ...
HealthTech, Access, and Financial Fluency: The Future of Women and Alts
Women are reshaping the world of alternative investments, driven by growing wealth, increased financial fluency, and expanding access to new platforms. From healthcare innovations to ...
Infrastructure Debt: Unlocking Investment Opportunities in a Transforming Economy
As global economies evolve, infrastructure debt emerges as a unique asset class with promising opportunities for investors. Offering low correlation with business cycles and ...
The Endowment Syndrome: Why Elite Funds Are Falling Behind
Elite endowments with heavy allocations to alternative investments are underperforming, losing ground to simple index strategies. High costs, increased competition, and outdated ...
Agency Risk in the Lower Middle Market: A Guide for PE Professionals
If there was a Wild West in Private Equity (PE), it would be the Lower Middle Market (LMM) — the ecosystem of companies with revenues between $5 million and $50 million. The LMM ...
Top 10 Posts from 2024: Private Markets, Stocks for the Long Run, Cap Rates, and Howard Marks
Asset owners have dramatically increased their allocations to private markets over the past two decades, driven largely by a mistaken belief that private debt and equity deliver ...
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