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Alternatives Decoded

Navigating the World of Alternatives

Alternatives Decoded

Overview

Explore iCapital’s Alternatives Decoded for a wide-ranging and up-to-date analysis of the alternative investment landscape. Review the latest updates on absolute and relative market performance, assets under management (AUM), fund flow trends, deal activity, and much more. Gain insights into private equity, private credit, commercial real estate, infrastructure, hedge funds, structured investments, and annuities. 

iCapital - Alternatives Decoded Q4 2024-4 Overview
iCapital - Alternatives Decoded Q4 2024-4 Overview

Alternatives Decoded

Private Equity

Private equity has historically been able to generate consistent outperformance versus public equities with less downside. Today, the opportunity set is larger than ever, as private equity provides access to a larger universe of investment opportunities compared to public equity. We believe private equity offers investors an opportunity to tap into a large pool of innovation with multiple paths of value creation. 

iCapital - Alternatives Decoded Q4 2024-19 Private Equity
iCapital - Alternatives Decoded Q4 2024-19 Private Equity

Alternatives Decoded

Private Credit

Private credit is now a genuine alternative to bank lending and the syndicated market. An important part of the near-term investment thesis is favorable yields. However, in the longer term, the secular decline in lending by traditional credit providers holds the potential to increase the addressable market from primarily lending to many more forms of credit such as asset-backed and residential mortgage.  

iCapital - Alternatives Decoded Q4 2024-35 Private Credit
iCapital - Alternatives Decoded Q4 2024-35 Private Credit

Alternatives Decoded

Commercial Real Estate

Commercial real estate offers a broad set of diversified opportunities that provide low correlation to the public markets. In fact, the size of this market is often underappreciated. Despite some concerns about the state of real estate, many sectors have solid underlying fundamentals that can serve as a core source of income and potential price return 

iCapital - Alternatives Decoded Q4 2024 - CRE-2_Title
iCapital - Alternatives Decoded Q4 2024 - CRE-2_Title

Alternatives Decoded

Infrastructure & Other Real Assets

The appeal of infrastructure and real asset strategies is the low to negative correlation relative to stocks and bonds, and higher risk-adjusted returns due to the contractual, inflation-protected cash flow nature of the investments. Infrastructure, in particular, has gained attention in recent years with the recognition that there exists a significant “funding gap” underpinned by growing public deficits and increasing need for digital transformation and energy transition. 

iCapital - Alternatives Decoded Q4 2024-61 Infrastructure
iCapital - Alternatives Decoded Q4 2024-61 Infrastructure

Alternatives Decoded

Hedge Funds

Hedge funds employ several different strategies that can help position investors for various market conditions. Current trends, such as positive stock-bond correlations, elevated interest rates, and higher asset dispersion, can help improve risk-adjusted returns and offer substantial diversification benefits when adding hedge funds to a traditional portfolio. 

iCapital - Alternatives Decoded Q4 2024-72 Hedge Funds
iCapital - Alternatives Decoded Q4 2024-72 Hedge Funds

Alternatives Decoded

Structured Investments

The volume growth in structured investments has steadily increased as investors have looked for vehicles that offer upside participation and/or yield enhancement potential while maintaining a degree of principle protection. More recently, activity in the equities market has led to growth-oriented solutions outpacing their income-oriented counterparts. 

iCapital - Alternatives Decoded Q4 2024-83 Structured Investments
iCapital - Alternatives Decoded Q4 2024-83 Structured Investments

Alternatives Decoded

Annuities

The annuity industry has experienced sturdy growth in recent years due to rising interest rates and changing age demographics. We expect a growing part of the investing population to prioritize avoiding losses over earning gains and that should continue to provide a secular tailwind for annuities in the future. 

iCapital - Alternatives Decoded Q4 2024-93 Annuities
iCapital - Alternatives Decoded Q4 2024-93 Annuities

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iCapital - Alternatives Decoded Q4 2024 - Final-1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

iCapital - Alternatives Decoded Q4 2024 - Final-1

Page Index

iCapital - Alternatives Decoded Q4 2024 - Final-2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Page Index

iCapital - Alternatives Decoded Q4 2024 - Final-2

Alternatives Decoded

iCapital - Alternatives Decoded Q4 2024-Overview

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives Decoded

iCapital - Alternatives Decoded Q4 2024-Overview

Alternatives hold $16.7 trillion in assets under management globally across strategies

iCapital - Alternatives Decoded Q4 2024-Overview 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives hold $16.7 trillion in assets under management globally across strategies

iCapital - Alternatives Decoded Q4 2024-Overview 1

Alternatives have grown significantly and are projected to grow further in years ahead

iCapital - Alternatives Decoded Q4 2024-Overview 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives have grown significantly and are projected to grow further in years ahead

iCapital - Alternatives Decoded Q4 2024-Overview 2

Alternatives fundraising activity is stabilizing and increasing in certain asset classes

iCapital - Alternatives Decoded Q4 2024-Overview 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives fundraising activity is stabilizing and increasing in certain asset classes

iCapital - Alternatives Decoded Q4 2024-Overview 3

Dry powder has declined to $3.8 trillion as committed capital begins to get deployed globally

iCapital - Alternatives Decoded Q4 2024-Overview 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Dry powder has declined to $3.8 trillion as committed capital begins to get deployed globally

iCapital - Alternatives Decoded Q4 2024-Overview 4

Deal momentum is rebounding to more normalized levels as GPs put dry powder to work

iCapital - Alternatives Decoded Q4 2024-Overview 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Deal momentum is rebounding to more normalized levels as GPs put dry powder to work

iCapital - Alternatives Decoded Q4 2024-Overview 5

Alternatives offered strong outperformance vs. traditional 60/40 portfolio over time

iCapital - Alternatives Decoded Q4 2024-Overview 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives offered strong outperformance vs. traditional 60/40 portfolio over time

iCapital - Alternatives Decoded Q4 2024-Overview 6

Over the next decade, alternatives are projected to outperform their public counterparts

iCapital - Alternatives Decoded Q4 2024-Overview 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Over the next decade, alternatives are projected to outperform their public counterparts

iCapital - Alternatives Decoded Q4 2024-Overview 7

Several private market strategies offer higher yields than those available in public markets

iCapital - Alternatives Decoded Q4 2024-Overview 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Several private market strategies offer higher yields than those available in public markets

iCapital - Alternatives Decoded Q4 2024-Overview 8

Alternatives can be a powerful diversifier due to their low correlation to public markets

iCapital - Alternatives Decoded Q4 2024-Overview 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives can be a powerful diversifier due to their low correlation to public markets

iCapital - Alternatives Decoded Q4 2024-Overview 9

Alternatives offer higher returns and lower volatility vs. a traditional 60/40 portfolio

iCapital - Alternatives Decoded Q4 2024-Overview 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Alternatives offer higher returns and lower volatility vs. a traditional 60/40 portfolio

iCapital - Alternatives Decoded Q4 2024-Overview 10

Manager selection has been an important driver of return outcomes in alternatives

iCapital - Alternatives Decoded Q4 2024-Overview 11

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Manager selection has been an important driver of return outcomes in alternatives

iCapital - Alternatives Decoded Q4 2024-Overview 11

Several private market strategies are inexpensive relative to public markets and history

iCapital - Alternatives Decoded Q4 2024-Overview 12

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Several private market strategies are inexpensive relative to public markets and history

iCapital - Alternatives Decoded Q4 2024-Overview 12

Private clients to increase alternatives allocation from $4 trillion to $13 trillion by 2032

iCapital - Alternatives Decoded Q4 2024-Overview 13

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private clients to increase alternatives allocation from $4 trillion to $13 trillion by 2032

iCapital - Alternatives Decoded Q4 2024-Overview 13

Opportunity to increase allocation is sizable given low portfolio allocation & advisor use

iCapital - Alternatives Decoded Q4 2024-Overview 14

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Opportunity to increase allocation is sizable given low portfolio allocation & advisor use

iCapital - Alternatives Decoded Q4 2024-Overview 14

Private Equity

iCapital - Alternatives Decoded Q4 2024-Private Equity

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private Equity

iCapital - Alternatives Decoded Q4 2024-Private Equity

Private equity is the largest asset class within alternatives and has grown significantly

iCapital - Alternatives Decoded Q4 2024-Private Equity 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity is the largest asset class within alternatives and has grown significantly

iCapital - Alternatives Decoded Q4 2024-Private Equity 1

Since 2000, fewer companies went public as they have stayed private for longer

iCapital - Alternatives Decoded Q4 2024-Private Equity 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Since 2000, fewer companies went public as they have stayed private for longer

iCapital - Alternatives Decoded Q4 2024-Private Equity 2

Private companies outnumber publicly traded ones, across most revenue segments

iCapital - Alternatives Decoded Q4 2024-Private Equity 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private companies outnumber publicly traded ones, across most revenue segments

iCapital - Alternatives Decoded Q4 2024-Private Equity 3

Private markets offer investors an opportunity to tap into a larger pool of innovation

iCapital - Alternatives Decoded Q4 2024-Private Equity 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private markets offer investors an opportunity to tap into a larger pool of innovation

iCapital - Alternatives Decoded Q4 2024-Private Equity 4

Private equity outperformed public equities over various time horizons

iCapital - Alternatives Decoded Q4 2024-Private Equity 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity outperformed public equities over various time horizons

iCapital - Alternatives Decoded Q4 2024-Private Equity 5

Private equity delivered more consistently positive returns with fewer negative years

iCapital - Alternatives Decoded Q4 2024-Private Equity 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity delivered more consistently positive returns with fewer negative years

iCapital - Alternatives Decoded Q4 2024-Private Equity 6

Private equity performance improved when investing during downturn year vintages

iCapital - Alternatives Decoded Q4 2024-Private Equity 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity performance improved when investing during downturn year vintages

iCapital - Alternatives Decoded Q4 2024-Private Equity 7

Private equity fund managers have multiple ways to create value vs. public markets

iCapital - Alternatives Decoded Q4 2024 - Final-26

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity fund managers have multiple ways to create value vs. public markets

iCapital - Alternatives Decoded Q4 2024 - Final-26

Private equity valuations have stabilized and are lower than public markets in the U.S.

iCapital - Alternatives Decoded Q4 2024-Private Equity 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity valuations have stabilized and are lower than public markets in the U.S.

iCapital - Alternatives Decoded Q4 2024-Private Equity 9

Fund managers have adjusted to higher cost of capital by reducing the use of leverage

iCapital - Alternatives Decoded Q4 2024-Private Equity 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Fund managers have adjusted to higher cost of capital by reducing the use of leverage

iCapital - Alternatives Decoded Q4 2024-Private Equity 10

Realization of further rate cuts may help improve levered company financials

iCapital - Alternatives Decoded Q4 2024-Private Equity 11

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Realization of further rate cuts may help improve levered company financials

iCapital - Alternatives Decoded Q4 2024-Private Equity 11

Private equity exit activity is recovering given higher valuations in public markets

iCapital - Alternatives Decoded Q4 2024-Private Equity 12

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private equity exit activity is recovering given higher valuations in public markets

iCapital - Alternatives Decoded Q4 2024-Private Equity 12

Capital markets activity is gradually improving across both IPO and M&A markets

iCapital - Alternatives Decoded Q4 2024-Private Equity 13

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Capital markets activity is gradually improving across both IPO and M&A markets

iCapital - Alternatives Decoded Q4 2024-Private Equity 13

Extended holding periods increase the need for sources of liquidity

iCapital - Alternatives Decoded Q4 2024-Private Equity 14

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Extended holding periods increase the need for sources of liquidity

iCapital - Alternatives Decoded Q4 2024-Private Equity 14

Growth in private equity secondaries is driven by strong supply/demand dynamics

iCapital - Alternatives Decoded Q4 2024-Private Equity 15

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Growth in private equity secondaries is driven by strong supply/demand dynamics

iCapital - Alternatives Decoded Q4 2024-Private Equity 15

Private Credit

iCapital - Alternatives Decoded Q4 2024-Private Credit

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private Credit

iCapital - Alternatives Decoded Q4 2024-Private Credit

Private credit assets under management have grown rapidly to record levels

iCapital - Alternatives Decoded Q4 2024-Private Credit 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private credit assets under management have grown rapidly to record levels

iCapital - Alternatives Decoded Q4 2024-Private Credit 1

Secular decline in bank lending is being driven by regulation, capital requirements

iCapital - Alternatives Decoded Q4 2024-Private Credit 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Secular decline in bank lending is being driven by regulation, capital requirements

iCapital - Alternatives Decoded Q4 2024-Private Credit 2

Growth in private equity buyout strategies drives further demand for private credit

iCapital - Alternatives Decoded Q4 2024-Private Credit 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Growth in private equity buyout strategies drives further demand for private credit

iCapital - Alternatives Decoded Q4 2024-Private Credit 3

Private credit strategies historically outperformed public fixed income sectors

iCapital - Alternatives Decoded Q4 2024-Private Credit 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private credit strategies historically outperformed public fixed income sectors

iCapital - Alternatives Decoded Q4 2024-Private Credit 4

Direct lending offered favorable risk-adjusted returns versus public fixed income

iCapital - Alternatives Decoded Q4 2024-Private Credit 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Direct lending offered favorable risk-adjusted returns versus public fixed income

iCapital - Alternatives Decoded Q4 2024-Private Credit 5

Private credit drawdown risk is moderated by buy-and-hold nature, fewer dislocations

iCapital - Alternatives Decoded Q4 2024-Private Credit 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private credit drawdown risk is moderated by buy-and-hold nature, fewer dislocations

iCapital - Alternatives Decoded Q4 2024-Private Credit 6

Risk premium, complexity and market inefficiencies provides a backdrop for attractive yields

iCapital - Alternatives Decoded Q4 2024-Private Credit 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Risk premium, complexity and market inefficiencies provides a backdrop for attractive yields

iCapital - Alternatives Decoded Q4 2024-Private Credit 7

Direct lending spreads recently widened, moving closer to historical excess spread

iCapital - Alternatives Decoded Q4 2024-Private Credit 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Direct lending spreads recently widened, moving closer to historical excess spread

iCapital - Alternatives Decoded Q4 2024-Private Credit 8

Income has been a steady component of private credit returns over time

iCapital - Alternatives Decoded Q4 2024-Private Credit 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Income has been a steady component of private credit returns over time

iCapital - Alternatives Decoded Q4 2024-Private Credit 9

Credit losses for private credit have been in line with high yield and bank loan issuers

iCapital - Alternatives Decoded Q4 2024-Private Credit 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Credit losses for private credit have been in line with high yield and bank loan issuers

iCapital - Alternatives Decoded Q4 2024-Private Credit 10

Private credit coverage ratios are improving, which could help keep defaults in check

iCapital - Alternatives Decoded Q4 2024-Private Credit 11

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private credit coverage ratios are improving, which could help keep defaults in check

iCapital - Alternatives Decoded Q4 2024-Private Credit 11

Lower volatility, high income led to more consistently positive results for private credit

iCapital - Alternatives Decoded Q4 2024-Private Credit 12

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Lower volatility, high income led to more consistently positive results for private credit

iCapital - Alternatives Decoded Q4 2024-Private Credit 12

Commercial Real Estate

iCapital - Alternatives Decoded Q4 2024-Real Estate

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Commercial Real Estate

iCapital - Alternatives Decoded Q4 2024-Real Estate

CRE is a large, diversified asset class with growing interest from private capital investors

iCapital - Alternatives Decoded Q4 2024 - Final-48

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

CRE is a large, diversified asset class with growing interest from private capital investors

iCapital - Alternatives Decoded Q4 2024 - Final-48

CRE has had low correlation to and better risk-adjusted returns than public markets

iCapital - Alternatives Decoded Q4 2024-Real Estate 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

CRE has had low correlation to and better risk-adjusted returns than public markets

iCapital - Alternatives Decoded Q4 2024-Real Estate 2

Private real estate had less frequent drawdowns, which helped deliver returns overtime

iCapital - Alternatives Decoded Q4 2024-Real Estate 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private real estate had less frequent drawdowns, which helped deliver returns overtime

iCapital - Alternatives Decoded Q4 2024-Real Estate 3

Growth in net operating income (NOI) has outpaced inflation and served as a core return driver

iCapital - Alternatives Decoded Q4 2024-Real Estate 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Growth in net operating income (NOI) has outpaced inflation and served as a core return driver

iCapital - Alternatives Decoded Q4 2024-Real Estate 4

Commercial real estate prices corrected sharply, but the recovery process is underway

iCapital - Alternatives Decoded Q4 2024-Real Estate 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Commercial real estate prices corrected sharply, but the recovery process is underway

iCapital - Alternatives Decoded Q4 2024-Real Estate 5

Cap rates reset higher as the Fed raised interest rates, but remain low relative to bond yields

iCapital - Alternatives Decoded Q4 2024-Real Estate 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Cap rates reset higher as the Fed raised interest rates, but remain low relative to bond yields

iCapital - Alternatives Decoded Q4 2024-Real Estate 6

NOI growth is slowing from high levels but is still roughly above long-term averages and inflation

iCapital - Alternatives Decoded Q4 2024-Real Estate 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

NOI growth is slowing from high levels but is still roughly above long-term averages and inflation

iCapital - Alternatives Decoded Q4 2024-Real Estate 7

Most CRE sectors have solid fundamentals, with the exception of weakness in office

iCapital - Alternatives Decoded Q4 2024-Real Estate 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Most CRE sectors have solid fundamentals, with the exception of weakness in office

iCapital - Alternatives Decoded Q4 2024-Real Estate 8

Concerns are high about the upcoming wall of maturities and rising delinquencies

iCapital - Alternatives Decoded Q4 2024-Real Estate 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Concerns are high about the upcoming wall of maturities and rising delinquencies

iCapital - Alternatives Decoded Q4 2024-Real Estate 9

Lower use of leverage and higher debt coverage ratios offset some of these concerns

iCapital - Alternatives Decoded Q4 2024-Real Estate 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Lower use of leverage and higher debt coverage ratios offset some of these concerns

iCapital - Alternatives Decoded Q4 2024-Real Estate 10

Banks have pulled back from CRE lending leaving a sizable debt funding gap

iCapital - Alternatives Decoded Q4 2024-Real Estate 11

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Banks have pulled back from CRE lending leaving a sizable debt funding gap

iCapital - Alternatives Decoded Q4 2024-Real Estate 11

CRE debt funds with ample dry powder should help partially fill the void

iCapital - Alternatives Decoded Q4 2024-Real Estate 12

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

CRE debt funds with ample dry powder should help partially fill the void

iCapital - Alternatives Decoded Q4 2024-Real Estate 12

Infrastructure, Other Real Assets

iCapital - Alternatives Decoded Q4 2024-Infrastructure

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Infrastructure, Other Real Assets

iCapital - Alternatives Decoded Q4 2024-Infrastructure

Infrastructure is a globally diverse asset class with significant fund assets in Europe

iCapital - Alternatives Decoded Q4 2024-Infrastructure 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Infrastructure is a globally diverse asset class with significant fund assets in Europe

iCapital - Alternatives Decoded Q4 2024-Infrastructure 1

Investors can consider four broad categories of infrastructure with varying characteristics

iCapital - Alternatives Decoded Q4 2024-Infrastructure 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Investors can consider four broad categories of infrastructure with varying characteristics

iCapital - Alternatives Decoded Q4 2024-Infrastructure 2

Private real assets have produced superior risk-adjusted returns with low correlation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Private real assets have produced superior risk-adjusted returns with low correlation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 3

Real assets have delivered returns outpacing developed market inflation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Real assets have delivered returns outpacing developed market inflation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 4

Real assets provided higher returns during periods of moderate to high inflation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Real assets provided higher returns during periods of moderate to high inflation

iCapital - Alternatives Decoded Q4 2024-Infrastructure 5

Global economies are set to spend $3.2 trillion per year on infrastructure through 2040

iCapital - Alternatives Decoded Q4 2024-Infrastructure 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Global economies are set to spend $3.2 trillion per year on infrastructure through 2040

iCapital - Alternatives Decoded Q4 2024-Infrastructure 6

There is a widening gap between projected infrastructure spending and society’s needs

iCapital - Alternatives Decoded Q4 2024-Infrastructure 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

There is a widening gap between projected infrastructure spending and society’s needs

iCapital - Alternatives Decoded Q4 2024-Infrastructure 7

U.S. and Europe have significantly stepped up their infrastructure-related investments

iCapital - Alternatives Decoded Q4 2024-Infrastructure 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

U.S. and Europe have significantly stepped up their infrastructure-related investments

iCapital - Alternatives Decoded Q4 2024-Infrastructure 8

Digitization and growth in data centers is one of the prominent themes in infrastructure

iCapital - Alternatives Decoded Q4 2024-Infrastructure 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Digitization and growth in data centers is one of the prominent themes in infrastructure

iCapital - Alternatives Decoded Q4 2024-Infrastructure 9

The investment need for additional decarbonized power generation is growing

iCapital - Alternatives Decoded Q4 2024-Infrastructure 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

The investment need for additional decarbonized power generation is growing

iCapital - Alternatives Decoded Q4 2024-Infrastructure 10

Hedge Funds

iCapital - Alternatives Decoded Q4 2024-Hedge Funds

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Hedge Funds

iCapital - Alternatives Decoded Q4 2024-Hedge Funds

Hedge fund AUM has rebounded and has hovered near record levels

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Hedge fund AUM has rebounded and has hovered near record levels

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 1

Different hedge fund strategies can help position for various market conditions

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Different hedge fund strategies can help position for various market conditions

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 2

Similar number of hedge fund launches and liquidations highlight selection importance

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Similar number of hedge fund launches and liquidations highlight selection importance

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 3

A traditional 60/40 portfolio is not offering the “natural” diversification it once did

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

A traditional 60/40 portfolio is not offering the “natural” diversification it once did

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 4

Historically, adding hedge funds to traditional portfolios has improved risk/return

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Historically, adding hedge funds to traditional portfolios has improved risk/return

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 5

Over time, hedge funds offer equity-like results with less downside risk

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Over time, hedge funds offer equity-like results with less downside risk

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 6

Hedge funds have generally performed better during periods of elevated rates

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Hedge funds have generally performed better during periods of elevated rates

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 7

Hedge fund opportunities increase in periods of higher equity dispersion, low correlation

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Hedge fund opportunities increase in periods of higher equity dispersion, low correlation

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 8

Despite the recent compression in index spreads, distressed credit opportunities exist

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Despite the recent compression in index spreads, distressed credit opportunities exist

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 9

Volatility can be a driver of returns for hedge funds; rate volatility remains elevated

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 10

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Volatility can be a driver of returns for hedge funds; rate volatility remains elevated

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 10

Structured Investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Structured Investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments

Structured investment volumes in the private wealth channel have grown over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Structured investment volumes in the private wealth channel have grown over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 1

Payoff structures for market-linked growth and income notes

iCapital - Alternatives Decoded Q4 2024-Structured Investments 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Payoff structures for market-linked growth and income notes

iCapital - Alternatives Decoded Q4 2024-Structured Investments 2

Types of protection available in structured investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Types of protection available in structured investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments 3

Full principal protection demand is a function of equity levels and bond yields

iCapital - Alternatives Decoded Q4 2024-Structured Investments 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Full principal protection demand is a function of equity levels and bond yields

iCapital - Alternatives Decoded Q4 2024-Structured Investments 4

Preference for types and investment terms of structured investments varied over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Preference for types and investment terms of structured investments varied over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 5

Preference for type of protection and type of underlying asset evolved over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 6

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Preference for type of protection and type of underlying asset evolved over time

iCapital - Alternatives Decoded Q4 2024-Structured Investments 6

Structured investment returns and pricing are dynamic, fluctuate with market conditions

iCapital - Alternatives Decoded Q4 2024-Structured Investments 7

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Structured investment returns and pricing are dynamic, fluctuate with market conditions

iCapital - Alternatives Decoded Q4 2024-Structured Investments 7

Interest rates have moved lower, credit spreads are tighter than a year ago

iCapital - Alternatives Decoded Q4 2024-Structured Investments 8

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Interest rates have moved lower, credit spreads are tighter than a year ago

iCapital - Alternatives Decoded Q4 2024-Structured Investments 8

After drifting lower over the past year, volatility has recently spiked, correlations declined

iCapital - Alternatives Decoded Q4 2024-Structured Investments 9

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

After drifting lower over the past year, volatility has recently spiked, correlations declined

iCapital - Alternatives Decoded Q4 2024-Structured Investments 9

Annuities

iCapital - Alternatives Decoded Q4 2024-Annuities

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Annuities

iCapital - Alternatives Decoded Q4 2024-Annuities

The annuity industry experienced strong growth as rates rose in recent years

iCapital - Alternatives Decoded Q4 2024-Annuities 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

The annuity industry experienced strong growth as rates rose in recent years

iCapital - Alternatives Decoded Q4 2024-Annuities 1

Secular demand for annuities is also driven by rising population of age 65 and over

iCapital - Alternatives Decoded Q4 2024-Annuities 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Secular demand for annuities is also driven by rising population of age 65 and over

iCapital - Alternatives Decoded Q4 2024-Annuities 2

Index Definitions 1

iCapital - Alternatives Decoded Q4 2024-Index Definitions 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Index Definitions 1

iCapital - Alternatives Decoded Q4 2024-Index Definitions 1

Index Definitions 2

iCapital - Alternatives Decoded Q4 2024-Index Definitions 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Index Definitions 2

iCapital - Alternatives Decoded Q4 2024-Index Definitions 2

Index Definitions 3

iCapital - Alternatives Decoded Q4 2024-Index Definitions 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Index Definitions 3

iCapital - Alternatives Decoded Q4 2024-Index Definitions 3

Index Definitions 4

iCapital - Alternatives Decoded Q4 2024-Index Definitions 4

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Index Definitions 4

iCapital - Alternatives Decoded Q4 2024-Index Definitions 4

Index Definitions 5

iCapital - Alternatives Decoded Q4 2024-Index Definitions 5

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Index Definitions 5

iCapital - Alternatives Decoded Q4 2024-Index Definitions 5

Important Information

iCapital - Alternatives Decoded Q4 2024 - Final-100

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Important Information

iCapital - Alternatives Decoded Q4 2024 - Final-100

Attributions 1

iCapital - Alternatives Decoded Q4 2024-Attributions 1

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Attributions 1

iCapital - Alternatives Decoded Q4 2024-Attributions 1

Attributions 2

iCapital - Alternatives Decoded Q4 2024-Attributions 2

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Attributions 2

iCapital - Alternatives Decoded Q4 2024-Attributions 2

Attributions 3

iCapital - Alternatives Decoded Q4 2024-Attributions 3

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Attributions 3

iCapital - Alternatives Decoded Q4 2024-Attributions 3

Global Alternatives Strategy and Research Team

iCapital - Alternatives Decoded Q4 2024 - Final-104

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

Global Alternatives Strategy and Research Team

iCapital - Alternatives Decoded Q4 2024 - Final-104
iCapital - Alternatives Decoded Q4 2024-Back Cover

Alternatives Decoded

Overview

Private Equity

Private Credit

Commercial Real Estate

Infrastructure & Other Real Assets

Hedge Funds

Structured Investments

Annuities

Important Information

iCapital - Alternatives Decoded Q4 2024-Back Cover

Alternatives Decoded

iCapital - Alternatives Decoded Q4 2024 - Final-1

Cover Page

iCapital - Alternatives Decoded Q4 2024 - Final-2

Page Index

Overview

iCapital - Alternatives Decoded Q4 2024-Overview

Alternatives Decoded

iCapital - Alternatives Decoded Q4 2024-Overview 1

Assets Under Management

iCapital - Alternatives Decoded Q4 2024-Overview 2

AUM by Asset Class

iCapital - Alternatives Decoded Q4 2024-Overview 3

Fundraising

iCapital - Alternatives Decoded Q4 2024-Overview 4

Dry Powder

iCapital - Alternatives Decoded Q4 2024-Overview 5

Deal Activity/Entries

iCapital - Alternatives Decoded Q4 2024-Overview 6

Returns by Strategy

iCapital - Alternatives Decoded Q4 2024-Overview 7

Projected Performance

iCapital - Alternatives Decoded Q4 2024-Overview 8

Yields

iCapital - Alternatives Decoded Q4 2024-Overview 9

Cross Asset Correlations

iCapital - Alternatives Decoded Q4 2024-Overview 10

Risk/Return

iCapital - Alternatives Decoded Q4 2024-Overview 11

Dispersions

iCapital - Alternatives Decoded Q4 2024-Overview 12

Relative Valuations

iCapital - Alternatives Decoded Q4 2024-Overview 13

Private vs. Institutional

iCapital - Alternatives Decoded Q4 2024-Overview 14

Allocation to Alternatives

Private Equity

iCapital - Alternatives Decoded Q4 2024-Private Equity

Private Equity

iCapital - Alternatives Decoded Q4 2024-Private Equity 1

Assets Under Management

iCapital - Alternatives Decoded Q4 2024-Private Equity 2

IPO Trends

iCapital - Alternatives Decoded Q4 2024-Private Equity 3

Private Company Trends

iCapital - Alternatives Decoded Q4 2024-Private Equity 4

Private-to-Public Company Ratio

iCapital - Alternatives Decoded Q4 2024-Private Equity 5

Returns

iCapital - Alternatives Decoded Q4 2024-Private Equity 6

Downside Protection

iCapital - Alternatives Decoded Q4 2024-Private Equity 7

Return Dispersion

iCapital - Alternatives Decoded Q4 2024 - Final-26

Value Creation

iCapital - Alternatives Decoded Q4 2024-Private Equity 9

Valuations

iCapital - Alternatives Decoded Q4 2024-Private Equity 10

Leverage

iCapital - Alternatives Decoded Q4 2024-Private Equity 11

Leverage/Rate Sensitivity

iCapital - Alternatives Decoded Q4 2024-Private Equity 12

Exit Activity

iCapital - Alternatives Decoded Q4 2024-Private Equity 13

IPO and M&A Activity

iCapital - Alternatives Decoded Q4 2024-Private Equity 14

Holding Periods and Secondaries

iCapital - Alternatives Decoded Q4 2024-Private Equity 15

Secondaries Market

Private Credit

iCapital - Alternatives Decoded Q4 2024-Private Credit

Private Credit

iCapital - Alternatives Decoded Q4 2024-Private Credit 1

Assets Under Management

iCapital - Alternatives Decoded Q4 2024-Private Credit 2

Bank Lending

iCapital - Alternatives Decoded Q4 2024-Private Credit 3

Dry Powder/Lending

iCapital - Alternatives Decoded Q4 2024-Private Credit 4

Returns by Strategy

iCapital - Alternatives Decoded Q4 2024-Private Credit 5

Risk-Adjusted Returns

iCapital - Alternatives Decoded Q4 2024-Private Credit 6

Drawdown Risk

iCapital - Alternatives Decoded Q4 2024-Private Credit 7

Yields

iCapital - Alternatives Decoded Q4 2024-Private Credit 8

Yield Decomposition

iCapital - Alternatives Decoded Q4 2024-Private Credit 9

Return Decomposition

iCapital - Alternatives Decoded Q4 2024-Private Credit 10

Credit Losses

iCapital - Alternatives Decoded Q4 2024-Private Credit 11

Coverage Ratios

iCapital - Alternatives Decoded Q4 2024-Private Credit 12

Total Returns

Commercial Real Estate

iCapital - Alternatives Decoded Q4 2024-Real Estate

Commercial Real Estate

iCapital - Alternatives Decoded Q4 2024 - Final-48

Market Overview

iCapital - Alternatives Decoded Q4 2024-Real Estate 2

Correlations and Returns

iCapital - Alternatives Decoded Q4 2024-Real Estate 3

Drawdowns and Returns

iCapital - Alternatives Decoded Q4 2024-Real Estate 4

Net Operating Income (NOI)

iCapital - Alternatives Decoded Q4 2024-Real Estate 5

Property Prices

iCapital - Alternatives Decoded Q4 2024-Real Estate 6

Cap Rates

iCapital - Alternatives Decoded Q4 2024-Real Estate 7

NOI by Property Type

iCapital - Alternatives Decoded Q4 2024-Real Estate 8

Sector Fundamentals

iCapital - Alternatives Decoded Q4 2024-Real Estate 9

Maturities and Delinquencies

iCapital - Alternatives Decoded Q4 2024-Real Estate 10

Leverage

iCapital - Alternatives Decoded Q4 2024-Real Estate 11

Bank Lending

iCapital - Alternatives Decoded Q4 2024-Real Estate 12

Debt Funds and Yields

Infrastructure & Other Real Assets

iCapital - Alternatives Decoded Q4 2024-Infrastructure

Infrastructure, Other Real Assets

iCapital - Alternatives Decoded Q4 2024-Infrastructure 1

Market Overview

iCapital - Alternatives Decoded Q4 2024-Infrastructure 2

Transaction Overview

iCapital - Alternatives Decoded Q4 2024-Infrastructure 3

Correlations and Returns

iCapital - Alternatives Decoded Q4 2024-Infrastructure 4

Returns by Strategy

iCapital - Alternatives Decoded Q4 2024-Infrastructure 5

Performance in Higher Rate Periods

iCapital - Alternatives Decoded Q4 2024-Infrastructure 6

Infrastructure Spend

iCapital - Alternatives Decoded Q4 2024-Infrastructure 7

Infrastructure Spend Gap

iCapital - Alternatives Decoded Q4 2024-Infrastructure 8

Investments by Geography

iCapital - Alternatives Decoded Q4 2024-Infrastructure 9

Data Center Overview

iCapital - Alternatives Decoded Q4 2024-Infrastructure 10

Power Generation Overview

Hedge Funds

iCapital - Alternatives Decoded Q4 2024-Hedge Funds

Hedge Funds

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 1

Assets Under Management

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 2

Returns by Strategy

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 3

Fund Launches and Closures

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 4

Stock/Bond Correlation

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 5

Comparative Risk/Return

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 6

Historic Performance

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 7

Performance in Higher Rate Periods

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 8

Stock Dispersion

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 9

Credit Stress and Strategy

iCapital - Alternatives Decoded Q4 2024-Hedge Funds 10

Asset Volatility

Structured Investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments

Structured Investments

iCapital - Alternatives Decoded Q4 2024-Structured Investments 1

SI Volumes

iCapital - Alternatives Decoded Q4 2024-Structured Investments 2

Scenario Payoff Structures

iCapital - Alternatives Decoded Q4 2024-Structured Investments 3

Protection Types

iCapital - Alternatives Decoded Q4 2024-Structured Investments 4

Full Principal Protection

iCapital - Alternatives Decoded Q4 2024-Structured Investments 5

Income vs. Growth Structures

iCapital - Alternatives Decoded Q4 2024-Structured Investments 6

Mix of Protection Types

iCapital - Alternatives Decoded Q4 2024-Structured Investments 7

Market Variables

iCapital - Alternatives Decoded Q4 2024-Structured Investments 8

Credit Spreads

iCapital - Alternatives Decoded Q4 2024-Structured Investments 9

Volatility and Correlations

Annuities

iCapital - Alternatives Decoded Q4 2024-Annuities

Annuities

iCapital - Alternatives Decoded Q4 2024-Annuities 1

Market and Product Overview

iCapital - Alternatives Decoded Q4 2024-Annuities 2

Annuity Spreads

Important Information

iCapital - Alternatives Decoded Q4 2024-Index Definitions 1

Index Definitions 1

iCapital - Alternatives Decoded Q4 2024-Index Definitions 2

Index Definitions 2

iCapital - Alternatives Decoded Q4 2024-Index Definitions 3

Index Definitions 3

iCapital - Alternatives Decoded Q4 2024-Index Definitions 4

Index Definitions 4

iCapital - Alternatives Decoded Q4 2024-Index Definitions 5

Index Definitions 5

iCapital - Alternatives Decoded Q4 2024 - Final-100

Important Information

iCapital - Alternatives Decoded Q4 2024-Attributions 1

Attributions 1

iCapital - Alternatives Decoded Q4 2024-Attributions 2

Attributions 2

iCapital - Alternatives Decoded Q4 2024-Attributions 3

Attributions 3

iCapital - Alternatives Decoded Q4 2024 - Final-104

Research Team

iCapital - Alternatives Decoded Q4 2024-Back Cover

End

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.'
 
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam elementum in enim eget egestas. Quisque eu nulla gravida ex scelerisque viverra vel quis ligula. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam mollis magna ac neque eleifend maximus.

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