Private Markets in Portfolio Construction

Today's concerns about Private Credit are overstated. We provide our three-criteria framework that investors can use to track Private Credit's doomsday risk. Systemic crises build over years and decad…

Beginning with this Quarterly report, The Global Asset Allocation and Private Markets teams are combining our quarterly outlooks into a single, unified framework, reflecting a more integrated approach…

AI dominates markets, but concentration is risk. Real Estate is the diversifier. It outperformed during the Dot-Com bust and will do so again if the AI trade unwinds. Even Office, the sector arguably…

Software has rattled Public Stocks, BDCs, and Asset Managers. Exposure across Private Markets has raised more questions than answers. We size it up. Private Equity is under pressure, Venture Capital i…

In Private Markets, yesterday’s winners often see outperformance fade. Top-quartile managers often regress toward the median as fund series mature. For investors evaluating the next Real Estate or Pri…

Private Equity fund vehicles may extend beyond 10 years, but the underlying assets that drive performance typically do not. We provide the framework for investors to capitalize on this reality.