Perspectives on industry challenges and opportunities, covering current developments, emerging trends, and future outlooks.
June 2025
The Evolution of Evergreen Funds: Unlocking Private Markets for a New Generation of Investors
In recent years, the private markets landscape has opened up to a new and powerful capital source: individual investors. Historically under allocated to private markets, this segment is now being actively targeted by general partners (GPs) who recognize both the depth and the durability of this growing private wealth channel. In parallel, evergreen fund structures—vehicles that offer continuous fundraising, periodic liquidity, and streamlined investor operations—are emerging as the gateway through which private capital is becoming more reachable.
June 2025
Managing Liquidity of Private Investments: A Practical Framework
As the retirement landscape evolves, defined contribution (DC) plans are increasingly being called upon to deliver investment outcomes that rival those historically achieved by defined benefit (DB) plans and endowments. In this context, private investments—ranging from private equity and real estate to credit and infrastructure—have emerged as compelling options due to their potential to enhance portfolio diversification and generate attractive long-term returns. Yet despite their advantages, these asset classes pose a fundamental operational challenge: they are inherently illiquid, often requiring long holding periods, uncertain capital calls, and limited redemption opportunities. This illiquidity conflicts with the traditional expectations of DC plan participants, who are accustomed to daily trading, next-day liquidity, and full transparency. Sponsors are increasingly exploring how to integrate alternatives while maintaining participant confidence and liquidity flexibility.
June 2025
Understanding Private Market Valuations
Private markets have long been an essential element of institutional portfolios, offering the promise of superior returns and enhanced diversification compared to public securities. Particularly for investors with long time horizons and the ability to tolerate illiquidity, private assets represent a compelling opportunity. Beyond the familiar value propositions of alpha generation and access to unique investments, a critical but often underappreciated feature of private markets lies in how their valuations are determined. The nuances of private asset valuation not only shape the perceived performance of these investments but also influence their role in portfolio construction, volatility management, and regulatory oversight.
April 2025
Tariff Commotion
In April, the Trump administration's abrupt tariff announcements—dubbed “Liberation Day” on April 2—triggered sharp volatility in capital markets. Although the tariffs were suspended for 90 days on April 9 to allow for negotiations, the inconsistent trade messaging throughout the month fueled ongoing market instability and contributed to further swings in valuations for risk assets.
April 2025
Tariffs, Tightening, and Turning Points
Markets are grappling with policy uncertainty, weakening growth, and rising volatility. Tariff shifts, falling capex, and softening earnings point to a fragile outlook, while tightening liquidity and bond market disruptions challenge old investment strategies. In this new environment, agility and real-time awareness are essential.
March 2025
Tariff Uncertainty
The first quarter of 2025 saw heightened market volatility, largely driven by policy uncertainty and shifting investor sentiment. U.S. equities declined sharply, with the S&P 500 down 4.3%—its worst performance since 2022. In contrast, European equities outperformed, supported by expectations of increased defense spending and economic stimulus. As equities faltered, investors turned to safe-haven assets such as Treasuries and gold to preserve capital amid the uncertainty.
March 2025
Evaluating an Asset Manager - A Comprehensive Approach
Selecting an asset manager is a critical decision that requires careful analysis beyond just past performance. While historical returns may provide some insight, they are not always a reliable predictor of future success. Instead, a thorough evaluation should encompass multiple dimensions of a manager’s capabilities and approach.
March 2025
Beyond Traditional Assets: Modernizing Defined Contribution Plans
As the investment landscape continues to evolve, so too must our approach to retirement savings. Defined contribution plans should no longer be limited to a rigid mix of stocks and bonds. By incorporating alternative investments, plan sponsors can help participants achieve better diversification, higher returns, and improved financial security in retirement.
February 2025
Growth Worries Surface
February saw U.S. markets decline amid economic concerns and geopolitical tensions, while European and Asian markets fared better. The report offers key insights on market trends, inflation worries, and shifts in private investments, providing a crucial outlook for investors.
February 2025
Crossroads: Inflation, Liquidity, and Trade Shake-ups
The U.S. economy enters 2025 at a pivotal moment. A robust labor market and resilient corporate profits are keeping the soft-landing narrative alive, but inflation’s persistence and new policy uncertainties pose fresh challenges. As we evaluate these critical factors, it becomes clear that 2025 will demand a flexible approach to asset allocation.
January 2025
Cautious Optimism
In January 2025, financial markets exhibited a blend of optimism and caution across various asset classes.
January 2025
2025 Capital Markets Outlook: Elevated U.S. Stock Valuations Highlight the Need for Broader Portfolio Diversification and Enhanced Flexibility
As we step into a new economic era shaped by shifting monetary policies, technological advancements, and evolving global geopolitical dynamics, investors face a landscape of both challenges and opportunities. This Perspective aims to provide insights into the future of capital market returns, with a focus on how investors can navigate this environment effectively.
December 2024
CITs: The Rising Star in the Retirement Investment Landscape
While mutual funds have long been the go-to investment vehicle for 401(k) plans and other defined contribution (DC) plans, CITs are emerging as a compelling alternative.