Portfolio

Institutional investing is not as straightforward as picking the fastest horse. Infrastructure’s attraction as an investment stems from its diversification, specifically its feature as an inflation-hedge, cash flow stability, and scalability. This Primer lays the groundwork for integrating Infrastructure into the PMA framework.

Special Report

Industrial Real Estate prices have risen considerably. The party is not over, but the music is dying down. A repricing is coming. Investors should be gearing up to deploy in 2026—California and Dallas will be prime.

Unlike public markets, performance in private markets is complex and multifaceted. In this report we present multiple metrics across time and sources, offering investors a comprehensive range of benchmarks to assess their relative performance. Differences across sources will surprise.

The NFL is opening the gates to the barbarians. No majority ownership is allowed...yet. However, that will not limit the upside in Growth Equity investments. Investors should cheer, so should fans.

Private Equity Secondaries have grown but so have their opportunities. Near-term opportunities will be fertile while underlying trends will sustain the asset class in the long-term. Private Equity investors should be greedy.

Market volatility has surged. Investors should no longer be allocating into Tail Risk structures. For those invested, start monetizing gains and let CTAs and Developed Market Fixed Income take the wheel from here.

We are growing positive on Growth assets with recession expectations increasing our optimism on entry points. Equities are led by APAC Private Equity, North America Venture Capital, and Europe Buyouts. Our outlook continues to improve on CRE within the Inflation & Diversification bucket while we are underweight Multi-Strategy amongst Hedge Funds. We maintain an overweight to Senior Direct Lending for Income with a preference for North America.

We project US Multifamily cap rates to increase from 5.2% to 6.5%. While we find an unfavorable risk-adjusted return on the asset, especially relative to other opportunities in CRE, cap rates are moving closer to peak.

Special Report

California and Technology are currently in a downturn but is not apparent from the performance of the NASDAQ. On its own, the job losses in the Tech sector are not significant enough to precipitate a US recession. However, when coupled with direct and indirect spill-over effects into other service sectors, the impact on consumption could trigger a recession. In North America, we are overweight Venture Capital and Private Credit, becoming more optimistic on CRE, and underweight Private Equity.

Special Report

Investors often misjudge Global Macro managers. We outline key manager evaluation criteria and highlight the power of combining Macro Hedge Funds and Private Equity. Even for those who are not Macro Traders nor invest in Hedge Funds, this report may change the way you assess potential employees, partners, and even yourself—the most critical elements of any investment strategy.