This year’s returns have been driven more by what has not gone wrong than what has gone right. Slowing economic growth and lackluster earnings have not shifted investors’ focus from dovish central banks and a slight easing of geopolitical risks. It is an open question whether investors will remain so sanguine in 2020. Our Outlook 2020 highlights ten themes for the coming year, with a focus on key macro questions, emerging opportunities, and risks.
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A universal approach to portfolio construction can help schemes achieve required return targets whilst adding additional upside from alpha generation; reduce risk through true diversification; and generate sufficient income to comfortably meet both planned and unplanned cashflow needs.
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Mega funds are indeed in a category by themselves, namely that of a new public markets proxy.
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Public and private Chinese equities both present attractive investment opportunities today.
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Co-investments are one of only a handful of control levers within an LP’s toolbox, and we encourage all private market investors, regardless of size, to consciously consider implementing a co-investment program.
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Investors navigating the robust fundraising environment should be selective when making commitments in 2019.
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Families with multigenerational wealth may be particularly well positioned to consider allocating 40% or more of their assets to private investments. Assuming these families have the requisite long-term time horizon, patience, and ability to act quickly, they stand to benefit not only from the potential for higher returns but also from the tax-advantaged nature of private investments. Life could get better after 40%!
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We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
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Growth equity continues to offer investors a compelling return profile that combines the downside protection of buyouts with some of the upside potential of venture capital.
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Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.
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