All Insights

CRE debt and equity have historically offered meaningful diversification benefits, even relative to other private markets.

As investors increasingly turn to evergreen funds for private markets exposure in more investor-friendly vehicles, the opportunity set must be weighed against key considerations around liquidity, fees and fund structure.

In this conversation, Michael Bogdan, Managing Director and Head of Digital Infrastructure, shares how his team approaches investing in this evolving market and where they believe disciplined investors can find attractive risk-adjusted returns.

Public markets have become increasingly concentrated and represent a shrinking share of overall corporate growth. The U.S. middle market offers access to a large and underrepresented segment of the economy, providing differentiated opportunities for growth and diversification.

CRE debt has matched or outpaced CRE equity since year-end 2018, with less volatility. It remains well-positioned amid today’s elevated yield environment.

The economy is surrounded by inflection points—but is not necessarily at one.

With two major AI IPOs still expected over the next 12 months, tech concentration remains a key risk in public markets.

89% of institutional investors expect to maintain or increase their allocations to private credit despite challenged sentiment.

Investment Research team members Andrew Korz and Alan Flannigan discuss the latest edition of the quarterly publication Mapping the Markets.

Technology was just 15% of middle market buyouts over the last five years, vs. 38% for large buyouts and 46% for the S&P 500 (as of May 31).

In the current market rally, the S&P 500 excluding AI-related stocks is still negative—underscoring how concentrated market returns remain.

From the macroeconomy and interest rates to equities, credit, and private markets, the report highlights the data and trends investors should be watching.