Mercer：另类投资的未来方向：2025年私募市场与对冲基金的四大新兴增长与创新领域报告（英文版）（14页）.pdf

1、Four emerging areas for growth and innovation in private markets and hedge funds in 2025Where now for alternatives?Four emerging areas for growth and innovation in private markets and hedge funds in 20252If we were to write the book on how a second global financial crisis might take place,it could o

2、pen like this:US stock markets had hit a record high,there was widespread discussion of a Goldilocks economy,the world(ex-China)was at full employment,and then something happened.The US stock market has performed exceptionally in recent years,reaching new peaks in the wake of the election results.Th

3、ere are grounds for confidence the promise of a pro-business administration on its way into office and ongoing growth in the artificial intelligence theme driving continued outperformance from the Magnificent Seven.This is helping to fuel the perception of a potential“Goldilocks economy”that can sus

4、tain growth while keeping inflation low.However,no tree grows to the sky,as the saying goes,and so sophisticated large investors that we are working with have been looking to diversify their portfolios.Building exposure to alternative return drivers may protect portfolios if the current outperformer

5、s see their streaks begin to falter.For example,only 7%of midsize companies in the US are held publicly,1 while a major backbone of US economic growth remains in private hands,investable only through private markets.Private markets offer the potential opportunity to generate a diversified return,but

6、 despite the push for diversification,they are still misunderstood by some investors.Asset classes that could strengthen a portfolios diversification are still subject to damaging myths:that private debt is oversaturated;that private equity returns depend on low rates;that private real asset strateg