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Alternatives

Private markets outlook: Refilling the glass
As we enter 2025, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape.

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Showing 1–6 insights out of 240 results
May 9, 2025
By Research
2 minute read
Chart of the week

Public markets take a winding, volatile roundtrip in 2025

Despite significant volatility this year, markets have yet to price in any meaningful economic slowdown, posing potential risks and opportunities.

Column chart showing a range of valuation metrics across equities and credit markets at the start of 2025 and as of May 7, 2025. The S&P 500 came into the year with its forward price/earnings ratio in the 93rd percentile relative to recent history, while credit spreads were testing their post-Global Financial Crisis tights. Despite the significant volatility markets have seen so far this year, equity valuations have generally held steady, while valuations for foreign stocks have risen. Credit spreads have widened across bonds and loans, though remain tighter than historical average. Public markets have yet to price in any meaningful economic slowdown despite still significant macro uncertainty.
Jan 24, 2025
By Research
10 minute read
Outlooks

Q1 2025 Leveraged credit outlook: Allocating amid market optimism

Public credit markets are priced for full optimism, but do tight spreads reflect a realistic outlook or complacency in the market?
Dec 19, 2024
By Troy Gayeski
10 minute read
Strategy note

Post-election strategy note—part II: Encore, laissez les bon temps rouler

Let the good times roll for private credit, senior commercial real estate lending and liquid multi-strategy funds.
Dec 5, 2024
By Andrew Korz
7 minute read
Blog

Private credit outlook

Senior direct lending has returned 12.5% over the past year, among the top periods in the market’s history.
Nov 20, 2024
By Research
Playbook

Mapping the markets: Q4 2024

Our Investment Research team compiled their best charts and latest market analysis across macroeconomics, public markets and private market strategies to help our clients map today’s markets.

Nov 8, 2024
By Research
2 minute read
Chart of the week

Private credit yields remain attractive despite Fed rate cuts

Real yields on private credit could remain in their top historical quartile even if the Fed cuts another 75 basis points as markets expect.

Line chart showing private credit real (inflation adjusted) yield and forecasted real yield based on the market-implied forecast of the Fed funds rate through December 2025. Even if the Fed reduces rates by another 75bps by December 2025 as the market currently expects, a private credit real yield of approximately 7.7% would be higher than in 80% of cases throughout the market’s history.
Showing 1–6 insights out of 240 results

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