Investors

Opening up alternative assets to non-institutional investors, from HNWIs to 401(k) account holders, represents up to $80trn. It’s an alluring pot of capital for an industry with flatlining annual fundraising figures in some asset classes. And yet, multiple headwinds exist, making the journey towards increasing democratisation far from straightforward.

Further technology advances are required to truly unlock the potential of the private wealth market.

Spread compression, the First Brands bankruptcy and geopolitical risk were among the talking points at our annual gathering in Munich.

In response to the rise of US trade tariffs, LPs are turning towards private credit and infrastructure – and eyeing opportunities in Europe.

Talk has been growing louder about capital migrating away from the US and the rise of private credit secondaries. Evidence for both has emerged in our latest research.

As the $87bn California pension approves change to remove a cap on manager names in the portfolio, CIO Jonathan Grabel says the system doesn’t have unique concern about credit market.

With GP-led deals taking centre stage amid a subdued M&A market and LP thirst for liquidity, private credit secondaries have a big role to play in the asset class’s future. By Daniel Roddick of Ely Place Partners.

Staff of the $60bn Arizona State Retirement System, a long-time private credit investor, are still mostly optimistic about the asset class amid a push to diversify the programme.

Policymakers increasingly recognise that private assets can serve as a valuable complement to public equities and bonds in retirement portfolios.

As semi-liquid evergreen fund funds attract individual investors, risk waits just around the corner.