1、Global Macro Trends September 202414.4InsightsAn Alternative PerspectivePast,Present,and Future Contents 3 Introduction 4 Analyzing the industrys rapid growth 8 Our goal in writing this paper 12 Section I:The Growth of Private Alternatives 15 Sovereign Wealth Funds 16 Individual investors 16 Insuran
2、ce balance sheets 17 The rise of market demand in Asia 18 Targeted offerings:Segmentation and innovation 22 Section II:Why Are Specific Private Asset Classes Expanding?22 Private Equity:A state of perpetual reinvention 30 Private Real Estate Equity:A new cycle emerges 37 Real Estate Debt:Navigating
3、challenges and opportunities 40 Private Credit:Bank retrenchment and deleveraging helped to create opportunity 45 Private Infrastructure:A sizeable gap to fill 51 Section III:Understanding the Role of Private Alts in Diversified Portfolios 51 Private Alternatives risk/return profiles 53 The benefits
4、 of factor exposures in portfolio construction 55 A regime change calls for a different approach to asset allocation 56 Harvesting the illiquidity premium for various investment horizons 59 Section IV:Challenges Facing Private Alternatives 59 Can Private Alternatives perform well with higher interes
5、t rates?60 Are private markets becoming crowded?62 Does allocating to Private Alternatives create too much illiquidity risk?62 Underestimation of risk in private markets 63 The importance of disciplined portfolio construction 64 Section V:ConclusionHenry H.McVeyHead of Global Macro&Asset Allocation,
6、CIO of KKR Balance S Saleena GoelPartner,Head of KKR Solutions Dave McNellis Racim Allouani Paula Campbell Roberts Rebecca Ramsey Brian LRachel LThibaud MYifan Zhao Coco QPatrycja Koszykowska Ezra MMiguel Montoya Patrick Holt Koontze JJackson BAlexandre CInsights|Volume 14.4 3An Alternative Perspect
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