Alternatives

Coming Into Focus

31 October 2023 | 2 minute read
Perspectives
This publication is part of our Perspectives series

As we near the end of 2023, parts of the macroeconomic picture are coming into focus. Disinflation is well underway and visibility on interest rates and growth is improving. But uncertainties continue to drive markets. In this edition we explore how investors may establish a clear line of sight on potential investment opportunities.

We believe establishing a clear line of sight on potential investment opportunities and perceived risks will be important when the next set of shifts and breaks occur. With this in mind, our latest edition of Perspectives features views from our investment professionals on some of the profound cyclical and structural forces affecting economies and markets. We dive deeper into US debt sustainability, explore macroeconomic outliers including Japan, and consider how a world of higher-for-longer rates may drive equity and bond performance.  

We take a closer look at the private market investment landscape through the lens of over 200 limited and general partners who shared their macro and market views with us over the summer. One observation is that limited partners are staying the course on private market allocations. Many are considering increasing exposures across a wide array of strategies, including private credit and secondaries. We examine both areas in this edition, assessing the evolution of secondaries and evaluating strategic approaches to portfolio construction in private credit. We also look at how dislocation is creating opportunities in parts of commercial real estate and explore the history and potential future path of value creation in private equity.

Building on prior editions, we revisit the powerful themes of disruptive technology and sustainability. The potential economic and investment impact of artificial intelligence (AI) continues to capture the imagination of market participants. Beyond the headlines, we consider how AI may drive changes in the healthcare sector. We investigate what the Inflation Reduction Act (IRA) means for the clean-energy transition in the US and how it may shape long-term sustainable investment opportunities.

We believe focus is a fundamental element to potential investment success. In a world where there are seemingly endless uncertainties, we hope this edition provides you with a fresh perspective to focus on the potential opportunities and challenges ahead. 

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