Welcome to the first BlackRock Alternatives Global Private Markets Survey. Over the past 20years, we have seen private markets grow from a niche category with roughly US$700 billionin assets to a cornerstone of many portfolios, worth more than US$13 trillion1.
For many investors, private credit, private equity, infrastructure and real estate are no longerconsidered alternative but, in fact, a core component of the modern investment portfolio.And while private markets have experienced an extended period of rapid growth, these assetclasses are not immune to the conditions that have been impacting their public marketcounterparts over the past year or so.
Against this backdrop, we surveyed capital allocators across the globe to understand howthey are constructing their portfolios in the new regime.
We learned that investors believe short-term uncertainty isn’t enough to derail the growth ofprivate markets. While the recent banking turmoil has raised new concerns among investors,the conversations I’ve had suggest that clients are focused on navigating the current cyclewith caution and care, albeit with an eye towards capturing opportunities. Even amidheightened volatility and uncertainty, investing in areas such as renewable energy, matureprivate companies and direct lending -venture and middle market debt in particular- canprovide a ballast to portfolios.
Sophisticated investors have long abandoned the 60/40 asset allocation model. Among ourrespondents, private assets represent an average 24% of portfolios. Income generation is akey allocation driver -cited by 82% of those we surveyed. The search foryield in the yearssince the global financial crisis, as interest rates hit historic lows, is a familiar story. Thesurvey results tell us, however, that even with rates rising and worries about a possiblerecession this year,institutions continue to see private assets as essential tools to help meettheirincome needs.
In the following pages, we detail where respondents see the biggestopportunities acrossprivate asset classes, explore their priorities when accessing the markets and explain whatthey look for when choosing their investment managers.
We’d like to thank the investors around the world who took the time to participate in thesurvey. And we hope that you find the results both insightful and useful.
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