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",{"_126":849,"_128":850,"_139":141},{},[851],{"_126":852,"_135":853,"_137":854,"_139":140},{},[],"As central banks raised rates aggressively to combat rising prices, so treasury transactions have soared. The Citco group of companies (Citco) has seen this firsthand via its Middle Office Solutions team, processing well over $1tn of transactions from alternatives and institutional funds in the first nine months of this year.",{"_126":856,"_128":857,"_139":141},{},[858],{"_126":859,"_135":860,"_137":861,"_139":140},{},[],"Several factors have contributed to this increase. As well as higher rates, the banking sector volatility seen in Q1 – which resulted in the back-to-back collapses of Silicon Valley Bank and Signature Bank, as well as the takeover of Credit Suisse – created large cash movements to what were perceived as ‘safer’ banks and drove up the dollar value of funds.",{"_126":863,"_128":864,"_139":141},{},[865],{"_126":866,"_135":867,"_137":868,"_139":140},{},[],"The impact of Central Securities Depositories Regulation (CSDR) rules in Europe were in focus in Q2, having an impact on demand for outsourced trade matching services in particular; overall, Citco saw a 15% increase in the number of affirmed trades used for trade matching in this period, following a 14% increase in Q1.",{"_126":870,"_128":871,"_139":141},{},[872],{"_126":873,"_135":874,"_137":875,"_139":140},{},[],"As market volatility then picked up and investors had to assess the impact of a downgrade to the US’s credit rating, Q3 data showed treasury transaction values jumped 7% quarter on quarter, while there was also another small rise in overall payment volumes. Given Q3 encompassed the typical summer holiday lull, these figures suggest Q4 could well set some new records. \r\n \r\nThere are several factors to consider as we move through the final quarter of 2023. Notably, US inflation remains key for alternative managers’ Middle Office teams – September’s figure of 3.7% was above expectations and sharply higher than three months ago, but inflation then dipped again in October back to 3.2%. \r\n\nThe situation is clearly still volatile and will likely remain so as we head into 2024. Whether inflation drops back or not, the mantra of higher rates for longer is becoming more ingrained in markets, meaning Middle Office teams are having to navigate a very different economic backdrop from the one they were in just 16 months ago. \r\n \r\nWith cost pressures increasingly an issue, and managers rightly focused on getting the most from cash now it has re-emerged as a return-generating asset in its own right, we expect demand for outsourced treasury management, driven by innovative technology, to continue to rise as in-house teams look for viable solutions. \n",{"_126":877,"_128":878,"_139":141},{},[879,884,890],{"_126":880,"_135":881,"_137":883,"_139":140},{},[882],{"_149":150},"Read Citco's report on the growth in treasury transactions ",{"_126":885,"_128":886,"_139":837},{"_830":831},[887],{"_126":888,"_135":889,"_137":836,"_139":140},{},[],{"_126":891,"_135":892,"_137":570,"_139":140},{},[],{"_126":894,"_128":895,"_139":141},{},[896],{"_126":897,"_135":898,"_137":903,"_139":140},{},[899,901],{"_149":900},"italic",{"_149":902},"subscript","The opinions and facts included in the above do not constitute investment advice. 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Guide.png",{"_610":1098,"_616":1101,"_645":1110},{"_612":1099,"_614":1100},[],[],{"_618":1102,"_12":1104,"_149":626,"_627":1105,"_629":1105,"_630":1106,"_635":662,"_637":638,"_639":1108,"_565":644},{"_616":1103},{"_149":621,"_622":623,"_12":624},"1wIcoeQfwpItUoLnsXjHLr","2024-02-23T15:42:00.38Z",{"_616":1107},{"_12":633,"_149":621,"_622":634},{"_616":1109},{"_149":621,"_622":642,"_12":758},{"_760":1006,"_762":763,"_764":763,"_1111":1006},"ogTitle",{"_126":1113,"_128":1114,"_139":152},{},[1115],{"_126":1116,"_128":1117,"_139":141},{},[1118],{"_126":1119,"_135":1120,"_137":1121,"_139":140},{},[],"As private wealth becomes ever more concentrated among high-net-worth individuals, our latest capital raising guide examines the influence of demographic shifts on multi- and single-family offices globally, and how that translates into asset class allocations. ",[1123,1517,2045],{"_610":1124,"_616":1127,"_645":1139},{"_612":1125,"_614":1126},[],[],{"_618":1128,"_12":1130,"_149":626,"_627":1131,"_629":1132,"_630":1133,"_635":1135,"_637":1136,"_639":1137,"_565":644},{"_616":1129},{"_149":621,"_622":623,"_12":624},"4yr0dwaPb3WN0XQNpXUG6q","2024-02-26T16:51:11.554Z","2025-05-12T15:14:28.938Z",{"_616":1134},{"_12":633,"_149":621,"_622":634},199,10,{"_616":1138},{"_149":621,"_622":642,"_12":794},{"_7":1140,"_14":1141,"_12":1142,"_798":1143,"_765":1147,"_128":1157},"[Fundraising from Family Offices] Chapter 1","Wealth concentration and preservation","wealth-concentration-and-preservation",[1144],{"_616":1145},{"_149":621,"_622":626,"_12":1146},"4uZckwUvASD32oPJULMXEU",{"_126":1148,"_128":1149,"_139":152},{},[1150],{"_126":1151,"_128":1152,"_139":141},{},[1153],{"_126":1154,"_135":1155,"_137":1156,"_139":140},{},[],"Demographics signal a shift in the investment approach of family offices as their numbers grow globally",{"_139":152,"_126":1158,"_128":1159},{},[1160,1167,1174,1190,1197,1205,1212,1219,1234,1240,1247,1259,1266,1273,1292,1303,1322,1329,1344,1350,1357,1364,1371,1386,1392,1399,1410,1417,1428,1435,1442,1466,1472,1480,1491,1510],{"_139":141,"_126":1161,"_128":1162},{},[1163],{"_139":140,"_137":1164,"_135":1165,"_126":1166},"Family offices form an elusive category of investor with growing potential for GPs looking to extend their capital-raising endeavors to more holders of private wealth. It can be difficult to quantify the capital these investors have or to standardize their interests, but they constitute a core growth area for fundraising.",[],{},{"_139":141,"_126":1168,"_128":1169},{},[1170],{"_139":140,"_137":1171,"_135":1172,"_126":1173},"The growth in the number of family offices – defined by Preqin as privately owned firms managing investments and trusts for one or more wealthy families – over the past five years sheds light on the structure’s increased popularity among wealthy individuals. That figure has more than tripled from 2019, with single-family offices, which manage such investments for one family, making up 59% of the total in 2023 (Fig. 1.1). ",[],{},{"_139":141,"_126":1175,"_128":1176},{},[1177,1181,1186],{"_139":140,"_137":1178,"_135":1179,"_126":1180},"\n",[],{},{"_139":140,"_137":1182,"_135":1183,"_126":1185},"Fig. 1.1: Single-family offices growing more quickly ",[1184],{"_149":150},{},{"_139":140,"_137":1187,"_135":1188,"_126":1189},"\nNumber of family offices by year, single vs. multi",[],{},{"_139":1191,"_126":1192,"_128":1196},"embedded-entry-block",{"_373":1193},{"_616":1194},{"_12":1195,"_149":621,"_622":626},"687IQFf2bLUUCBvOU7qLuC",[],{"_139":141,"_126":1198,"_128":1199},{},[1200],{"_139":140,"_137":1201,"_135":1202,"_126":1204},"Source: Preqin Pro. Data as of January 2024",[1203],{"_149":902},{},{"_139":141,"_126":1206,"_128":1207},{},[1208],{"_139":140,"_137":1209,"_135":1210,"_126":1211},"\nHowever, while the pool is getting bigger, family offices tend to be less uniform in their allocation plans compared with other LPs, so capital-raising across this investor segment typically requires patience. Relationship-building is essential, as these entities' ultimate goal is to maintain wealth for future generations.",[],{},{"_139":141,"_126":1213,"_128":1214},{},[1215],{"_139":140,"_137":1216,"_135":1217,"_126":1218},"Many GPs are increasingly building fundraising units to focus specifically on family offices and private wealth investors, and offering education for those allocating to private markets for the first time. However, a high proportion of family offices globally already have some exposure to alternatives. According to Preqin data this stands at 57% in North America, 69% in Europe, 74% in Asia, and 74% across the rest of the world (Fig. 1.2).",[],{},{"_139":141,"_126":1220,"_128":1221},{},[1222,1225,1230],{"_139":140,"_137":1178,"_135":1223,"_126":1224},[],{},{"_139":140,"_137":1226,"_135":1227,"_126":1229},"Fig. 1.2: Three quarters of emerging-market family offices have alternatives exposure ",[1228],{"_149":150},{},{"_139":140,"_137":1231,"_135":1232,"_126":1233},"\nFamily offices with exposure to alternatives by region",[],{},{"_139":1191,"_126":1235,"_128":1239},{"_373":1236},{"_616":1237},{"_12":1238,"_149":621,"_622":626},"Foq7ea3JhvEKBQIN1Tfj0",[],{"_139":141,"_126":1241,"_128":1242},{},[1243],{"_139":140,"_137":1201,"_135":1244,"_126":1246},[1245],{"_149":902},{},{"_139":1248,"_126":1249,"_128":1250},"heading-5",{},[1251,1254],{"_139":140,"_137":1178,"_135":1252,"_126":1253},[],{},{"_139":140,"_137":1255,"_135":1256,"_126":1258},"‘The great wealth transfer’",[1257],{"_149":150},{},{"_139":141,"_126":1260,"_128":1261},{},[1262],{"_139":140,"_137":1263,"_135":1264,"_126":1265},"One phenomenon impacting both the creation of new family offices and their investment strategies is the ‘great wealth transfer’, which is expected to make Millennials the richest generation in American history. ",[],{},{"_139":141,"_126":1267,"_128":1268},{},[1269],{"_139":140,"_137":1270,"_135":1271,"_126":1272},"An aging population means more family offices are transferred to the next generation – and this demographic shift is happening across the world. The greatest change has been in Japan, where the proportion of elderly residents has risen from 7% in 1970 to 29% in 2022 (Fig. 1.5), but the trend is repeated in the US (from 10% to 17%) and even more so in China (from 4% to 14%), Singapore (3% to 17%), the European Union (11% to 21%), and the OECD (9% to 18%).",[],{},{"_139":141,"_126":1274,"_128":1275},{},[1276,1280,1288],{"_139":140,"_137":1277,"_135":1278,"_126":1279},"With this demographic change comes a shift in focus for family offices, from wealth creation to wealth retention. The main concern for many is therefore capital preservation, ahead of maximizing ROI. European family offices have already seen this change – only ",[],{},{"_139":837,"_126":1281,"_128":1283},{"_830":1282},"https://www.gsam.com/content/dam/pwm/direct-links/us/en/PDF/onegs_familyoffice_eyesonthehorizon.pdf?sa=n&rd=n",[1284],{"_139":140,"_137":1285,"_135":1286,"_126":1287},"24% of family offices there are run by the original wealth creator",[],{},{"_139":140,"_137":1289,"_135":1290,"_126":1291},", compared with 53% in the Americas and 59% in APAC. This can therefore make European family offices more risk-averse, as preservation becomes the driving consideration.",[],{},{"_139":1248,"_126":1293,"_128":1294},{},[1295,1298],{"_139":140,"_137":1178,"_135":1296,"_126":1297},[],{},{"_139":140,"_137":1299,"_135":1300,"_126":1302},"Where to target family office wealth?",[1301],{"_149":150},{},{"_139":141,"_126":1304,"_128":1305},{},[1306,1310,1318],{"_139":140,"_137":1307,"_135":1308,"_126":1309},"North America remains the region with the greatest proportion of global private wealth, and this is shown in the ",[],{},{"_139":837,"_126":1311,"_128":1313},{"_830":1312},"https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html",[1314],{"_139":140,"_137":1315,"_135":1316,"_126":1317},"regional breakdown of family offices",[],{},{"_139":140,"_137":1319,"_135":1320,"_126":1321},". APAC holds 36% (driven by China's wealth), while North America holds 33%, and Europe 23%.",[],{},{"_139":141,"_126":1323,"_128":1324},{},[1325],{"_139":140,"_137":1326,"_135":1327,"_126":1328},"The number of family offices by region strays slightly from this distribution. North America is the location for 37% of family offices, followed closely by Europe (32%), Rest of World (17%), and Asia (15%) (Fig. 1.3).",[],{},{"_139":141,"_126":1330,"_128":1331},{},[1332,1335,1340],{"_139":140,"_137":1178,"_135":1333,"_126":1334},[],{},{"_139":140,"_137":1336,"_135":1337,"_126":1339},"Fig. 1.3: North America family offices larger on average ",[1338],{"_149":150},{},{"_139":140,"_137":1341,"_135":1342,"_126":1343},"\nShare of family offices and their AUM, by region ",[],{},{"_139":1191,"_126":1345,"_128":1349},{"_373":1346},{"_616":1347},{"_12":1348,"_149":621,"_622":626},"22i42eHWNntDxUCZgyDXIo",[],{"_139":141,"_126":1351,"_128":1352},{},[1353],{"_139":140,"_137":1201,"_135":1354,"_126":1356},[1355],{"_149":902},{},{"_139":141,"_126":1358,"_128":1359},{},[1360],{"_139":140,"_137":1361,"_135":1362,"_126":1363},"\nThe distribution of AUM for family offices is weighted much more toward North America, with this region attracting over half (54%), significantly ahead of Europe (30%), Asia (8%), and Rest of World (8%) (Fig. 1.3).",[],{},{"_139":141,"_126":1365,"_128":1366},{},[1367],{"_139":140,"_137":1368,"_135":1369,"_126":1370},"There is the potential for greater growth in both the number of family offices and their capital across the world, but particularly in some of the emerging markets. While the number of family offices grew by 20%, year on year to 2023, in North America, 17% in Europe, and 22% in Asia, the figure for the rest of the world surged by 31% (Fig. 1.4). Although managers may tend to look toward developed markets for family office capital, the upward trend in emerging markets is noteworthy.",[],{},{"_139":141,"_126":1372,"_128":1373},{},[1374,1377,1382],{"_139":140,"_137":1178,"_135":1375,"_126":1376},[],{},{"_139":140,"_137":1378,"_135":1379,"_126":1381},"Fig. 1.4: Emerging market family offices grow fastest",[1380],{"_149":150},{},{"_139":140,"_137":1383,"_135":1384,"_126":1385},"\nNumber of family offices by region ",[],{},{"_139":1191,"_126":1387,"_128":1391},{"_373":1388},{"_616":1389},{"_12":1390,"_149":621,"_622":626},"47KQHbPQ8dgcLOpkx6KUcz",[],{"_139":141,"_126":1393,"_128":1394},{},[1395],{"_139":140,"_137":1201,"_135":1396,"_126":1398},[1397],{"_149":902},{},{"_139":1248,"_126":1400,"_128":1401},{},[1402,1405],{"_139":140,"_137":1178,"_135":1403,"_126":1404},[],{},{"_139":140,"_137":1406,"_135":1407,"_126":1409},"Consolidation of wealth",[1408],{"_149":150},{},{"_139":141,"_126":1411,"_128":1412},{},[1413],{"_139":140,"_137":1414,"_135":1415,"_126":1416},"The rise in family offices is propelled not only by growth in global wealth but also the greater concentration of that wealth in a small portion of the population. Countries that would see more family office creation include those with high GDP per capita and a higher concentration of wealth in the top 1%. ",[],{},{"_139":1248,"_126":1418,"_128":1419},{},[1420,1423],{"_139":140,"_137":1178,"_135":1421,"_126":1422},[],{},{"_139":140,"_137":1424,"_135":1425,"_126":1427},"A boost in Asian private wealth",[1426],{"_149":150},{},{"_139":141,"_126":1429,"_128":1430},{},[1431],{"_139":140,"_137":1432,"_135":1433,"_126":1434},"Asia has witnessed considerable growth in wealth concentration over the past half-century. In 2022 one-third of mainland China’s wealth was held by 1% of its citizens, up by 13% since 2000 (Fig. 1.5). Singapore is similar, with 1% holding just under a third of the nation’s wealth – a 6% increase in concentration since 2000.",[],{},{"_139":141,"_126":1436,"_128":1437},{},[1438],{"_139":140,"_137":1439,"_135":1440,"_126":1441},"The funneling of such wealth into family office structures has already begun in these countries, particularly Singapore. Its investor-friendly environment, along with Hong Kong SAR’s ability to act as a gateway to capital in Greater China, means they have long been seen as beneficial locations for family offices. Japan, however, has seen less growth in wealth consolidation, with 1% holding 25% of the country’s overall wealth (Fig. 1.5).",[],{},{"_139":141,"_126":1443,"_128":1444},{},[1445,1448,1453,1457,1462],{"_139":140,"_137":1178,"_135":1446,"_126":1447},[],{},{"_139":140,"_137":1449,"_135":1450,"_126":1452},"Fig.",[1451],{"_149":150},{},{"_139":140,"_137":1454,"_135":1455,"_126":1456}," ",[],{},{"_139":140,"_137":1458,"_135":1459,"_126":1461},"1.5: Wealth concentration rate is highest in China ",[1460],{"_149":150},{},{"_139":140,"_137":1463,"_135":1464,"_126":1465},"\nGDP per capita, wealth held by top 1%, and change in wealth held by the top 1% from 2000 to 2022",[],{},{"_139":1191,"_126":1467,"_128":1471},{"_373":1468},{"_616":1469},{"_12":1470,"_149":621,"_622":626},"EBQy8J5l9n1B5D3Q2BuE2",[],{"_139":141,"_126":1473,"_128":1474},{},[1475],{"_139":140,"_137":1476,"_135":1477,"_126":1479},"Source: World Inequality Database",[1478],{"_149":902},{},{"_139":1248,"_126":1481,"_128":1482},{},[1483,1486],{"_139":140,"_137":1178,"_135":1484,"_126":1485},[],{},{"_139":140,"_137":1487,"_135":1488,"_126":1490},"Dubai as a regional hub",[1489],{"_149":150},{},{"_139":141,"_126":1492,"_128":1493},{},[1494,1498,1506],{"_139":140,"_137":1495,"_135":1496,"_126":1497},"In the Middle East, the story is slightly different. There is already a high concentration of wealth within the top 1%. That said, like Singapore and Hong Kong SAR, Dubai is regionally known for its beneficial regulation and legal stability, which makes it an attractive place for regional or international family offices to relocate. The new Dubai International Financial Centre (DDIFC) ",[],{},{"_139":837,"_126":1499,"_128":1501},{"_830":1500},"https://www.investmentmonitor.ai/comment/dubais-new-family-office-rules-can-drive-economic-growth-for-the-uae/?cf-view",[1502],{"_139":140,"_137":1503,"_135":1504,"_126":1505},"Family Arrangements Regulation",[],{},{"_139":140,"_137":1507,"_135":1508,"_126":1509},", which will allow family offices to operate without registering with the Dubai Financial Services Authority (and therefore without disclosing their common ancestor’s name or source of wealth) may make Dubai even more attractive for regional and global families wishing to relocate.",[],{},{"_139":141,"_126":1511,"_128":1512},{},[1513],{"_139":140,"_137":1514,"_135":1515,"_126":1516},"A further trend in this region is shaped by its GDP per capita being tied to oil. The continued declining dominance of OPEC since the 1970s has reduced the per-capita GDP of the UAE and Saudi Arabia. In today’s market this means many family offices and investors in the region would benefit from diversifying against a commodity-driven portfolio by investing internationally across different asset classes.\n",[],{},{"_610":1518,"_616":1521,"_645":1532},{"_612":1519,"_614":1520},[],[],{"_618":1522,"_12":1524,"_149":626,"_627":1525,"_629":1526,"_630":1527,"_635":1529,"_637":717,"_639":1530,"_565":644},{"_616":1523},{"_149":621,"_622":623,"_12":624},"6XcU6I9JSJDgkNIKuQEdT3","2024-02-26T16:51:07.2Z","2025-05-12T15:44:55.123Z",{"_616":1528},{"_12":633,"_149":621,"_622":634},194,{"_616":1531},{"_149":621,"_622":642,"_12":794},{"_7":1533,"_14":1534,"_12":1535,"_798":1536,"_765":1539,"_128":1549},"[Fundraising from Family Offices] Chapter 2","Allocations: new horizons","allocations-new-horizons",[1537],{"_616":1538},{"_149":621,"_622":626,"_12":1146},{"_126":1540,"_128":1541,"_139":152},{},[1542],{"_126":1543,"_128":1544,"_139":141},{},[1545],{"_126":1546,"_135":1547,"_137":1548,"_139":140},{},[],"Family offices are looking beyond challenged asset classes, such as venture capital, toward other types of alternatives",{"_139":152,"_126":1550,"_128":1551},{},[1552,1559,1578,1585,1596,1603,1618,1624,1632,1647,1653,1661,1680,1699,1710,1717,1736,1751,1757,1764,1779,1785,1793,1804,1811,1818,1825,1840,1846,1853,1868,1874,1882,1893,1900,1907,1926,1933,1948,1954,1965,1979,1997,2004,2019,2025],{"_139":141,"_126":1553,"_128":1554},{},[1555],{"_139":140,"_137":1556,"_135":1557,"_126":1558},"Family offices have historically allocated to traditional asset classes including public equity and fixed income products, aided by the number of managers willing to build and oversee portfolios. However, in the past few years their interest has broadened to alternatives, as they seek to apply more formal strategic asset allocation models in line with institutional peers.",[],{},{"_139":141,"_126":1560,"_128":1561},{},[1562,1566,1574],{"_139":140,"_137":1563,"_135":1564,"_126":1565},"For family offices, the recent performance of private equity compared with traditional 60/40 investment portfolios, and potential diversification from lower-return alternative asset classes, are driving this increased interest. The maturation of this allocation strategy has shifted them away from just passive investing in public products toward ",[],{},{"_139":837,"_126":1567,"_128":1569},{"_830":1568},"https://www.pwc.com/gx/en/services/entrepreneurial-private-business/emea-private-business/ evolution-of-family-offices-family-capital-business.html",[1570],{"_139":140,"_137":1571,"_135":1572,"_126":1573},"more active commitment to private asset classes",[],{},{"_139":140,"_137":1575,"_135":1576,"_126":1577},".",[],{},{"_139":141,"_126":1579,"_128":1580},{},[1581],{"_139":140,"_137":1582,"_135":1583,"_126":1584},"The fall in value of both public equities and bonds against rising interest rates in 2022 laid the foundations for the denominator effects that over the next year would push many investors into over-allocation in private markets. As institutional investors, particularly pension plans, have been unable to commit against these constraints, family offices have become an appealing source of capital for managers.",[],{},{"_139":1248,"_126":1586,"_128":1587},{},[1588,1591],{"_139":140,"_137":1178,"_135":1589,"_126":1590},[],{},{"_139":140,"_137":1592,"_135":1593,"_126":1595},"Widening the spectrum of alternatives",[1594],{"_149":150},{},{"_139":141,"_126":1597,"_128":1598},{},[1599],{"_139":140,"_137":1600,"_135":1601,"_126":1602},"Diversification and returns are the key drivers of family office interest in alternatives. In our November 2023 investor survey, at least 50% of our family office respondents across private equity, real estate, infrastructure, and hedge funds reported that they look to alternatives for diversification (Fig. 2.1).",[],{},{"_139":141,"_126":1604,"_128":1605},{},[1606,1609,1614],{"_139":140,"_137":1178,"_135":1607,"_126":1608},[],{},{"_139":140,"_137":1610,"_135":1611,"_126":1613},"Fig. 2.1: Diversification driving interest in alternatives ",[1612],{"_149":150},{},{"_139":140,"_137":1615,"_135":1616,"_126":1617},"\nFamily offices were asked: 'Why do you invest in each asset class?' ",[],{},{"_139":1191,"_126":1619,"_128":1623},{"_373":1620},{"_616":1621},{"_12":1622,"_149":621,"_622":626},"6E5CmX1etSNoqgAowlufen",[],{"_139":141,"_126":1625,"_128":1626},{},[1627],{"_139":140,"_137":1628,"_135":1629,"_126":1631},"Source: Preqin Investor Survey, November 2023",[1630],{"_149":902},{},{"_139":141,"_126":1633,"_128":1634},{},[1635,1638,1643],{"_139":140,"_137":1178,"_135":1636,"_126":1637},[],{},{"_139":140,"_137":1639,"_135":1640,"_126":1642},"Fig. 2.2: Family offices look beyond private equity ",[1641],{"_149":150},{},{"_139":140,"_137":1644,"_135":1645,"_126":1646},"\nFund searches by family office investors ",[],{},{"_139":1191,"_126":1648,"_128":1652},{"_373":1649},{"_616":1650},{"_12":1651,"_149":621,"_622":626},"3ceDxddoDVBfxYp39mXX98",[],{"_139":141,"_126":1654,"_128":1655},{},[1656],{"_139":140,"_137":1657,"_135":1658,"_126":1660},"Source: Preqin Pro. Data as of January 2024 ",[1659],{"_149":902},{},{"_139":141,"_126":1662,"_128":1663},{},[1664,1668,1676],{"_139":140,"_137":1665,"_135":1666,"_126":1667},"\nPrivate capital fundraisers are increasingly using this as a draw for family offices, helping them to understand the nuances of potentially adding private assets to their portfolios. This is particularly the case when family office portfolios already contain large positions in listed products that might be comparable to assets in private markets, including ",[],{},{"_139":837,"_126":1669,"_128":1671},{"_830":1670},"https://www.preqin.com/insights/research/research-notes/valuation-gap-makes-public-reits-more-appealing-for-private-investors",[1672],{"_139":140,"_137":1673,"_135":1674,"_126":1675},"Real Estate Investment Trusts",[],{},{"_139":140,"_137":1677,"_135":1678,"_126":1679}," whose underlying assets are similar to those held in private markets.",[],{},{"_139":141,"_126":1681,"_128":1682},{},[1683,1687,1695],{"_139":140,"_137":1684,"_135":1685,"_126":1686},"Family office investors entering alternatives investing for the first time will typically look to manager track records during market volatility and exit strategies through the cycle to inform their choices. However, they have historically been willing to commit to emerging managers, particularly in the US. Owing to their size, family offices often place more emphasis on personal relationships than other investors. This may lead them to pursue deeper partnerships with the emerging managers, and sometimes they are interested in access to IP and the ",[],{},{"_139":837,"_126":1688,"_128":1690},{"_830":1689},"https://sarnia-am.com/insights/why-family-offices-like-emerging-managers/",[1691],{"_139":140,"_137":1692,"_135":1693,"_126":1694},"data of the smaller manager",[],{},{"_139":140,"_137":1696,"_135":1697,"_126":1698},". Emerging managers can also prove attractive by both offering unique products not otherwise available, and their ability to provide better terms for management fees or carry rates and the potential for outsize returns.",[],{},{"_139":1248,"_126":1700,"_128":1701},{},[1702,1705],{"_139":140,"_137":1178,"_135":1703,"_126":1704},[],{},{"_139":140,"_137":1706,"_135":1707,"_126":1709},"Pivot from private equity and venture capital as distributions challenged",[1708],{"_149":150},{},{"_139":141,"_126":1711,"_128":1712},{},[1713],{"_139":140,"_137":1714,"_135":1715,"_126":1716},"Private equity and venture capital (VC) assets have been obvious entry points into alternatives for many family offices, but the difficult environment for these assets in 2023 is limiting their interest. Family office fund search data in 2022 and 2023 shows that the proportion of fund searches to private equity and VC strategies declined from 71.7% to 54.8% (Fig. 2.3).",[],{},{"_139":141,"_126":1718,"_128":1719},{},[1720,1724,1732],{"_139":140,"_137":1721,"_135":1722,"_126":1723},"The post-pandemic fundraising boom across private equity and VC strategies fed a rush in capital calls (Fig. 2.4), as lower valuations and tougher market conditions made exits more difficult. Similar conditions returned in 2023, a situation which has wearied current investors and sparked more interest in the secondary market for fund stakes to provide liquidity. Investors are paying increasing attention to a manager’s ability to return capital, but it is worth noting that family office liquidity requirements can be less predictable than, say, pension funds or ",[],{},{"_139":837,"_126":1725,"_128":1727},{"_830":1726},"https://www.preqin.com/insights/research/reports/fundraising-from-insurance-companies-a-guide-to-raising-capital",[1728],{"_139":140,"_137":1729,"_135":1730,"_126":1731},"insurance companies",[],{},{"_139":140,"_137":1733,"_135":1734,"_126":1735},". Despite any greater discretion family offices may have in their commitment and allocation decision-making, the value of a GP's track record in managing market volatility and securing successful exits remains crucial.",[],{},{"_139":141,"_126":1737,"_128":1738},{},[1739,1742,1747],{"_139":140,"_137":1178,"_135":1740,"_126":1741},[],{},{"_139":140,"_137":1743,"_135":1744,"_126":1746},"Fig. 2.3: Capital calls continue to usurp distributions ",[1745],{"_149":150},{},{"_139":140,"_137":1748,"_135":1749,"_126":1750},"\nCapital calls and distributions for buyout, growth, and VC funds",[],{},{"_139":1191,"_126":1752,"_128":1756},{"_373":1753},{"_616":1754},{"_12":1755,"_149":621,"_622":626},"29MN2zSOICzgzzuoAkuJKY",[],{"_139":141,"_126":1758,"_128":1759},{},[1760],{"_139":140,"_137":1657,"_135":1761,"_126":1763},[1762],{"_149":902},{},{"_139":141,"_126":1765,"_128":1766},{},[1767,1770,1775],{"_139":140,"_137":1178,"_135":1768,"_126":1769},[],{},{"_139":140,"_137":1771,"_135":1772,"_126":1774},"Fig. 2.4: Family offices disappointed with venture capital... ",[1773],{"_149":150},{},{"_139":140,"_137":1776,"_135":1777,"_126":1778},"\nInvestors were asked: 'Has asset class performance met expectations in the past year?' ",[],{},{"_139":1191,"_126":1780,"_128":1784},{"_373":1781},{"_616":1782},{"_12":1783,"_149":621,"_622":626},"12eyK2aGjRt1tor8HRFrMa",[],{"_139":141,"_126":1786,"_128":1787},{},[1788],{"_139":140,"_137":1789,"_135":1790,"_126":1792},"Source: Preqin Investor Survey, November 2023 ",[1791],{"_149":902},{},{"_139":1248,"_126":1794,"_128":1795},{},[1796,1799],{"_139":140,"_137":1178,"_135":1797,"_126":1798},[],{},{"_139":140,"_137":1800,"_135":1801,"_126":1803},"A pivot toward other asset classes",[1802],{"_149":150},{},{"_139":141,"_126":1805,"_128":1806},{},[1807],{"_139":140,"_137":1808,"_135":1809,"_126":1810},"Family offices are therefore pivoting from challenged asset classes such as private equity and venture capital into other types of alternatives.",[],{},{"_139":141,"_126":1812,"_128":1813},{},[1814],{"_139":140,"_137":1815,"_135":1816,"_126":1817},"Private debt grew from 8.3% of family office fund searches to 12.4%, hedge funds from 5% to 10.7%, real estate from 13.2% to 18.4%, and infrastructure from 1.7% to 3.2% (Fig. 2.3). This demonstrates family offices are seeking new sources of diversification and different return characteristics. Family offices have tended to focus on venture capital for the higher absolute returns available there, but as many consider the value of income yield, part of more sophisticated portfolio allocation strategies, real assets and private debt will continue to be more attractive to some family offices. In the survey responses, family offices did not look toward private debt or infrastructure for high absolute or risk adjusted returns, compared with other asset classes.",[],{},{"_139":141,"_126":1819,"_128":1820},{},[1821],{"_139":140,"_137":1822,"_135":1823,"_126":1824},"In our November 2023 investor survey, family office investors were most disappointed with the performance of their VC portfolios, with 56% of investors saying they had fallen short of expectations (Fig. 2.5). However, most remain optimistic about both VC (54.2%) and private equity (52.9%) performance in the next 12 months (Fig. 2.6).",[],{},{"_139":141,"_126":1826,"_128":1827},{},[1828,1831,1836],{"_139":140,"_137":1178,"_135":1829,"_126":1830},[],{},{"_139":140,"_137":1832,"_135":1833,"_126":1835},"Fig. 2.5: ...but most optimistic on private equity ",[1834],{"_149":150},{},{"_139":140,"_137":1837,"_135":1838,"_126":1839},"\nInvestors were asked 'What is your expectation of performance over the next 12 months compared with the previous 12 months?'",[],{},{"_139":1191,"_126":1841,"_128":1845},{"_373":1842},{"_616":1843},{"_12":1844,"_149":621,"_622":626},"6clOxuliEtWWUOacfALadU",[],{"_139":141,"_126":1847,"_128":1848},{},[1849],{"_139":140,"_137":1789,"_135":1850,"_126":1852},[1851],{"_149":902},{},{"_139":141,"_126":1854,"_128":1855},{},[1856,1859,1864],{"_139":140,"_137":1178,"_135":1857,"_126":1858},[],{},{"_139":140,"_137":1860,"_135":1861,"_126":1863},"Fig. 2.6: Family offices investing in hedge funds have doubled in eight years ",[1862],{"_149":150},{},{"_139":140,"_137":1865,"_135":1866,"_126":1867},"\nNumber of active family office investors to hedge funds ",[],{},{"_139":1191,"_126":1869,"_128":1873},{"_373":1870},{"_616":1871},{"_12":1872,"_149":621,"_622":626},"4lYOYUASK0zEfKEbO1fPNk",[],{"_139":141,"_126":1875,"_128":1876},{},[1877],{"_139":140,"_137":1878,"_135":1879,"_126":1881},"Source: Preqin Pro. Data as of September 2023 ",[1880],{"_149":902},{},{"_139":1248,"_126":1883,"_128":1884},{},[1885,1888],{"_139":140,"_137":1178,"_135":1886,"_126":1887},[],{},{"_139":140,"_137":1889,"_135":1890,"_126":1892},"Looking for alpha in venture - but sector preferences can be personal",[1891],{"_149":150},{},{"_139":141,"_126":1894,"_128":1895},{},[1896],{"_139":140,"_137":1897,"_135":1898,"_126":1899},"Venture capital remains the asset class with continued family office interest. It can be challenging in terms of deal sourcing and due diligence, so some offices struggle with the appraisal of manager potential. A newly established family office that has more freedom in structuring its organization with a more established mission and an embedded investment strategy may be less willing to bend commitment policies for newer VC managers. For this reason, many of the North American or Asian family offices may be more willing to invest in venture, while established European family offices tend to go for the more traditional private equity route.",[],{},{"_139":141,"_126":1901,"_128":1902},{},[1903],{"_139":140,"_137":1904,"_135":1905,"_126":1906},"Venture capital sectors attracting growing interest from family office investors include technology, healthcare, and most recently impact investing. More recently, interest has grown in biotechnology. This can come directly from a personal or emotional stake in the goals of certain biotech companies and, through family offices, greater flexibility to reflect the ethos, and personal ambitions, of the beneficiaries. Unlike other investor types, managers may find an opportunity to develop personal connections or understanding with the family offices team, and crucially, to know if their fund aligns with their values and the expectation of the family.",[],{},{"_139":141,"_126":1908,"_128":1909},{},[1910,1914,1922],{"_139":140,"_137":1911,"_135":1912,"_126":1913},"Signals indicating where family offices are currently looking to invest vary across asset classes. Fund search data on particular industrial sectors shows the majority tend to look across sectors via diversified searches (53.6%), followed by real estate (19.7%), information technology (9.9%), energy & utilities (4.5%), and healthcare (3.9%). For real estate investment, however, many ",[],{},{"_139":837,"_126":1915,"_128":1917},{"_830":1916},"https://www.gsam.com/content/dam/pwm/direct-links/us/en/PDF/onegs_familyoffice_eyesonthehorizon.pdf?sa=n&rd=n ",[1918],{"_139":140,"_137":1919,"_135":1920,"_126":1921},"family offices will invest directly ",[],{},{"_139":140,"_137":1923,"_135":1924,"_126":1925},"rather than through managers.",[],{},{"_139":141,"_126":1927,"_128":1928},{},[1929],{"_139":140,"_137":1930,"_135":1931,"_126":1932},"Historic real estate investment is often the source of the family wealth being invested. Where this is the case, managers may benefit from explaining the risks to capital preservation and lack of diversification from large portions of wealth invested in assets whose performance is highly correlated. The efficacy of this may depend on whether the current principals are, or have been, involved in the building and management of real estate portfolios.",[],{},{"_139":141,"_126":1934,"_128":1935},{},[1936,1939,1944],{"_139":140,"_137":1178,"_135":1937,"_126":1938},[],{},{"_139":140,"_137":1940,"_135":1941,"_126":1943},"Fig. 2.7: Family offices have highest allocation to hedge funds ",[1942],{"_149":150},{},{"_139":140,"_137":1945,"_135":1946,"_126":1947},"\nMedian family office allocation (as a percentage of AUM) to hedge funds ",[],{},{"_139":1191,"_126":1949,"_128":1953},{"_373":1950},{"_616":1951},{"_12":1952,"_149":621,"_622":626},"7JJ2xGhsU70Xp3JTttEW6m",[],{"_139":141,"_126":1955,"_128":1956},{},[1957,1962],{"_139":140,"_137":1958,"_135":1959,"_126":1961},"Source: Preqin Pro. Data as of September 2023",[1960],{"_149":902},{},{"_139":140,"_137":1454,"_135":1963,"_126":1964},[],{},{"_139":1248,"_126":1966,"_128":1967},{},[1968,1971,1976],{"_139":140,"_137":1178,"_135":1969,"_126":1970},[],{},{"_139":140,"_137":1972,"_135":1973,"_126":1975},"Consistently high allocation to hedge funds despite strategy shifts",[1974],{"_149":150},{},{"_139":140,"_137":1454,"_135":1977,"_126":1978},[],{},{"_139":141,"_126":1980,"_128":1981},{},[1982,1986,1994],{"_139":140,"_137":1983,"_135":1984,"_126":1985},"The number of family office investors allocating to hedge funds increased by 10% from 2022 to Q3 2023 (Fig. 2.7) and doubled since 2015, and family offices often show interest in smaller, newer fund managers because of a more personalized relationship and the potential for greater returns. A recent example of this lies in the ",[],{},{"_139":837,"_126":1987,"_128":1989},{"_830":1988},"https://www.institutionalinvestor.com/article/2cc62qo3uxc23xqpcrh8g/portfolio/family-offices-are-partly-to-blame-for-outflows-at-crypto-hedge-funds",[1990],{"_139":140,"_137":1991,"_135":1992,"_126":1993},"major outflows in crypto hedge funds",[],{},{"_139":140,"_137":1575,"_135":1995,"_126":1996},[],{},{"_139":141,"_126":1998,"_128":1999},{},[2000],{"_139":140,"_137":2001,"_135":2002,"_126":2003},"Nevertheless, despite strategy shifts, family offices have consistently been the investor type with the greatest allocations to hedge funds (Fig. 2.8). There was a slight drop-off to 15% in the third quarter of 2023, but they still maintained a greater allocation than all other investors.",[],{},{"_139":141,"_126":2005,"_128":2006},{},[2007,2010,2015],{"_139":140,"_137":1178,"_135":2008,"_126":2009},[],{},{"_139":140,"_137":2011,"_135":2012,"_126":2014},"Fig. 2.8: Family offices have highest allocation to hedge funds ",[2013],{"_149":150},{},{"_139":140,"_137":2016,"_135":2017,"_126":2018},"\nMedian current allocation (as a percentage of AUM) to hedge funds by investor type",[],{},{"_139":1191,"_126":2020,"_128":2024},{"_373":2021},{"_616":2022},{"_12":2023,"_149":621,"_622":626},"1xEnKVQUVWvhVQoaS40fHJ",[],{"_139":141,"_126":2026,"_128":2027},{},[2028,2032,2035,2041],{"_139":140,"_137":1958,"_135":2029,"_126":2031},[2030],{"_149":902},{},{"_139":140,"_137":1454,"_135":2033,"_126":2034},[],{},{"_139":140,"_137":1178,"_135":2036,"_126":2040},[2037,2039],{"_149":2038},"superscript",{"_149":150},{},{"_139":140,"_137":1178,"_135":2042,"_126":2044},[2043],{"_149":902},{},{"_610":2046,"_616":2049,"_645":2060},{"_612":2047,"_614":2048},[],[],{"_618":2050,"_12":2052,"_149":626,"_627":2053,"_629":2054,"_630":2055,"_635":2057,"_637":636,"_639":2058,"_565":644},{"_616":2051},{"_149":621,"_622":623,"_12":624},"1ptwaGEQ0mOfYTAvzhblXU","2024-02-26T16:51:00.906Z","2025-05-12T15:54:03.955Z",{"_616":2056},{"_12":633,"_149":621,"_622":634},145,{"_616":2059},{"_149":621,"_622":642,"_12":794},{"_7":2061,"_14":2062,"_12":2063,"_798":2064,"_765":2067,"_128":2077},"[Fundraising from Family Offices] Chapter 3","Rules of engagement","rules-of-engagement",[2065],{"_616":2066},{"_149":621,"_622":626,"_12":1146},{"_126":2068,"_128":2069,"_139":152},{},[2070],{"_126":2071,"_128":2072,"_139":141},{},[2073],{"_126":2074,"_135":2075,"_137":2076,"_139":140},{},[],"Liquidity requirements, fund terms, and a personal approach are key considerations for many family offices",{"_139":152,"_126":2078,"_128":2079},{},[2080,2087,2098,2105,2112,2127,2133,2140,2170,2186,2192,2199,2218,2229,2236,2254,2273,2285,2314,2333,2348,2354,2361,2372],{"_139":141,"_126":2081,"_128":2082},{},[2083],{"_139":140,"_137":2084,"_135":2085,"_126":2086},"Larger managers may create and deploy specific units that specialize in working with family offices and private wealth investors, often with the potential to offer them bespoke terms and fund structures. Family offices may also want to see other features or benefits from these types of partnerships.",[],{},{"_139":1248,"_126":2088,"_128":2089},{},[2090,2093],{"_139":140,"_137":1178,"_135":2091,"_126":2092},[],{},{"_139":140,"_137":2094,"_135":2095,"_126":2097},"The importance of alignment",[2096],{"_149":150},{},{"_139":141,"_126":2099,"_128":2100},{},[2101],{"_139":140,"_137":2102,"_135":2103,"_126":2104},"Alignment between family office investors and managers is a key differentiator for fundraising. Fund terms are therefore pivotal for offices with a smaller budget for operational costs.",[],{},{"_139":141,"_126":2106,"_128":2107},{},[2108],{"_139":140,"_137":2109,"_135":2110,"_126":2111},"A third of family office investors reported that proposed fund terms and conditions are frequently a reason for not investing in a fund, while another 61.5% responded this was occasionally the case (Fig. 3.1).",[],{},{"_139":141,"_126":2113,"_128":2114},{},[2115,2118,2123],{"_139":140,"_137":1178,"_135":2116,"_126":2117},[],{},{"_139":140,"_137":2119,"_135":2120,"_126":2122},"Fig. 3.1: Fund terms impact family office decisions ",[2121],{"_149":150},{},{"_139":140,"_137":2124,"_135":2125,"_126":2126},"\nParticipants were asked: 'Have fund terms and conditions ever affected your investment decisions?'",[],{},{"_139":1191,"_126":2128,"_128":2132},{"_373":2129},{"_616":2130},{"_12":2131,"_149":621,"_622":626},"3xA8Wl0nctfhbUcAt6IGHr",[],{"_139":141,"_126":2134,"_128":2135},{},[2136],{"_139":140,"_137":1628,"_135":2137,"_126":2139},[2138],{"_149":902},{},{"_139":141,"_126":2141,"_128":2142},{},[2143,2147,2155,2159,2166],{"_139":140,"_137":2144,"_135":2145,"_126":2146},"\nIn contrast, where they can align with managers, family offices seek greater transparency at the fund level, GP commitment to a fund, and management fees (Fig. 3.2). As family offices tend to be ",[],{},{"_139":837,"_126":2148,"_128":2150},{"_830":2149},"https://www.goldmansachs.com/media-relations/press-releases/2023/announcement-08-may-2023.html ",[2151],{"_139":140,"_137":2152,"_135":2153,"_126":2154},"smaller operations",[],{},{"_139":140,"_137":2156,"_135":2157,"_126":2158},", often with a maximum of 10 employees, they may be less able to perform additional due diligence than other institutional investors. Most family offices will have an investing team of ",[],{},{"_139":837,"_126":2160,"_128":2161},{"_830":1282},[2162],{"_139":140,"_137":2163,"_135":2164,"_126":2165},"fewer than five employees",[],{},{"_139":140,"_137":2167,"_135":2168,"_126":2169}," and an operational team of similar size.",[],{},{"_139":141,"_126":2171,"_128":2172},{},[2173,2177,2182],{"_139":140,"_137":1178,"_135":2174,"_126":2176},[2175],{"_149":2038},{},{"_139":140,"_137":2178,"_135":2179,"_126":2181},"Fig. 3.2: Transparency, commitment, and fees are main family office concerns ",[2180],{"_149":150},{},{"_139":140,"_137":2183,"_135":2184,"_126":2185},"\nParticipants were asked: 'In which areas can the alignment of LP and GP interests be improved?' ",[],{},{"_139":1191,"_126":2187,"_128":2191},{"_373":2188},{"_616":2189},{"_12":2190,"_149":621,"_622":626},"6pkhEHIMiicgAFyprNYez0",[],{"_139":141,"_126":2193,"_128":2194},{},[2195],{"_139":140,"_137":1628,"_135":2196,"_126":2198},[2197],{"_149":902},{},{"_139":141,"_126":2200,"_128":2201},{},[2202,2206,2214],{"_139":140,"_137":2203,"_135":2204,"_126":2205},"\nOne of the key considerations when choosing a manager is the operating period to ensure an ability to ",[],{},{"_139":837,"_126":2207,"_128":2209},{"_830":2208},"https://www.asianinvestor.net/article/how-family-offices-are-using-gps-to-access-alternatives/483878",[2210],{"_139":140,"_137":2211,"_135":2212,"_126":2213},"mitigate volatility and market downturns",[],{},{"_139":140,"_137":2215,"_135":2216,"_126":2217},". It is important that a manager can maintain transparency to a family office investor, from sourcing to exit strategy.",[],{},{"_139":1248,"_126":2219,"_128":2220},{},[2221,2224],{"_139":140,"_137":1178,"_135":2222,"_126":2223},[],{},{"_139":140,"_137":2225,"_135":2226,"_126":2228},"Liquidity and ELTIFs",[2227],{"_149":150},{},{"_139":141,"_126":2230,"_128":2231},{},[2232],{"_139":140,"_137":2233,"_135":2234,"_126":2235},"One consideration for family office investors is the need for liquidity. Although most family offices do have long-term horizons for their investments, withdrawal needs can be less predictable than pension schemes. Certain fund structures and managers may be able to provide greater liquidity for their investors, which is of added value for family offices.",[],{},{"_139":141,"_126":2237,"_128":2238},{},[2239,2243,2250],{"_139":140,"_137":2240,"_135":2241,"_126":2242},"The European Long-Term Investment Fund (ELTIF), now referred to as ",[],{},{"_139":837,"_126":2244,"_128":2245},{"_830":2208},[2246],{"_139":140,"_137":2247,"_135":2248,"_126":2249},"ELTIF 2.0",[],{},{"_139":140,"_137":2251,"_135":2252,"_126":2253}," following recent updates, has updated liquidity options. The goal of the new ELTIF framework is to increase their popularity by making the structure more appealing to retail investors. These funds do not have fixed minimum periods, instead they must justify a lock-up period’s compatibility with valuation procedures and ELTIF redemption policies. The default mandatory minimum redemption notice period is 12 months, although shorter periods are allowed based on an ELTIF’s minimum holding in UCITS and liquid assets.",[],{},{"_139":141,"_126":2255,"_128":2256},{},[2257,2261,2269],{"_139":140,"_137":2258,"_135":2259,"_126":2260},"Outside the ELTIF structure, semi-liquid or evergreen funds are increasing the accessibility of alternatives for private wealth and family offices. Although most larger family offices have the capital to invest directly in alternatives and therefore minimums may be a lesser concern, the added flexibility of ",[],{},{"_139":837,"_126":2262,"_128":2264},{"_830":2263},"https://icapital.com/insights/private-equity/the-future-is-evergreen-the-next-generation-of-private-market-funds/",[2265],{"_139":140,"_137":2266,"_135":2267,"_126":2268},"evergreen investment vehicles",[],{},{"_139":140,"_137":2270,"_135":2271,"_126":2272},", allowing for easier exit and entrance into funds, is of potential interest.",[],{},{"_139":1248,"_126":2274,"_128":2275},{},[2276,2280],{"_139":140,"_137":1178,"_135":2277,"_126":2279},[2278],{"_149":2038},{},{"_139":140,"_137":2281,"_135":2282,"_126":2284},"The family office network and manager due diligence",[2283],{"_149":150},{},{"_139":141,"_126":2286,"_128":2287},{},[2288,2292,2299,2303,2311],{"_139":140,"_137":2289,"_135":2290,"_126":2291},"When dealing with family offices, a personal approach and relationship is integral. When carrying out their due diligence in relation to a GP, many family offices will consult similar businesses, and there are ",[],{},{"_139":837,"_126":2293,"_128":2294},{"_830":2208},[2295],{"_139":140,"_137":2296,"_135":2297,"_126":2298},"networks of family offices",[],{},{"_139":140,"_137":2300,"_135":2301,"_126":2302}," across the US and Europe that will share information to help each other find alternatives to managers with large funds and higher fees. For larger managers, focusing on a personal approach or a fee to suit the family can help them compete with ",[],{},{"_139":837,"_126":2304,"_128":2306},{"_830":2305},"https://hl.com/insights/the-takeaway-a-qa-with-andy-lund-on-the-fundraising-landscape/",[2307],{"_139":140,"_137":2308,"_135":2309,"_126":2310},"smaller rivals",[],{},{"_139":140,"_137":1575,"_135":2312,"_126":2313},[],{},{"_139":141,"_126":2315,"_128":2316},{},[2317,2321,2329],{"_139":140,"_137":2318,"_135":2319,"_126":2320},"In addition to transparency, experience, and willingness to improve fee structures, family office investors can often be interested in a smaller number of niche sectors and strategies offering greater diversification (Fig. 3.3). Third-party providers have also noticed that as family office risk appetite has increased, there is a greater demand for a wider range of ",[],{},{"_139":837,"_126":2322,"_128":2324},{"_830":2323},"https://www.ocorian.com/press-releases/family-offices-turn-outsourcing-demand-more-sophisticated-support-grows",[2325],{"_139":140,"_137":2326,"_135":2327,"_126":2328},"services",[],{},{"_139":140,"_137":2330,"_135":2331,"_126":2332},". Managers who offer this more individual approach will likely align themselves more closely with the family office’s goals and prove more attractive as a result.",[],{},{"_139":141,"_126":2334,"_128":2335},{},[2336,2339,2344],{"_139":140,"_137":1178,"_135":2337,"_126":2338},[],{},{"_139":140,"_137":2340,"_135":2341,"_126":2343},"Fig. 3.3: Transparency and experience are the hallmark of good managers for family offices ",[2342],{"_149":150},{},{"_139":140,"_137":2345,"_135":2346,"_126":2347},"\nParticipants were asked: 'What characteristics in a private capital manager are you valuing most highly in the current market environment?' ",[],{},{"_139":1191,"_126":2349,"_128":2353},{"_373":2350},{"_616":2351},{"_12":2352,"_149":621,"_622":626},"D3zbQEf7SX8AJFjBiUDlj",[],{"_139":141,"_126":2355,"_128":2356},{},[2357],{"_139":140,"_137":1628,"_135":2358,"_126":2360},[2359],{"_149":902},{},{"_139":1248,"_126":2362,"_128":2363},{},[2364,2367],{"_139":140,"_137":1178,"_135":2365,"_126":2366},[],{},{"_139":140,"_137":2368,"_135":2369,"_126":2371},"Digitization",[2370],{"_149":150},{},{"_139":141,"_126":2373,"_128":2374},{},[2375,2379,2387,2391,2399],{"_139":140,"_137":2376,"_135":2377,"_126":2378},"Digitization is also a key driver of the democratization of private markets, particularly private equity. There are an increasing number of family office networking digital investment platforms. In India, ",[],{},{"_139":837,"_126":2380,"_128":2382},{"_830":2381},"https://citywire.com/asia/news/indian-private-wealth-network-launches-family-office-platform/a2414964 ",[2383],{"_139":140,"_137":2384,"_135":2385,"_126":2386},"Priwexus",[],{},{"_139":140,"_137":2388,"_135":2389,"_126":2390}," was launched to connect ultra-high-net-worth family offices with advisors and solution providers. ",[],{},{"_139":837,"_126":2392,"_128":2394},{"_830":2393},"https://gateway2investment.com/footprints/ ",[2395],{"_139":140,"_137":2396,"_135":2397,"_126":2398},"Footprints",[],{},{"_139":140,"_137":2400,"_135":2401,"_126":2402}," private members club is a family office network based in London, but it also operates with a digital platform. Prestel & Partner is another family office network that supports in-person events. These platforms are a good place for GPs looking to get in touch with ultra-high-net-worth individuals. ",[],{},"sampleChapter",{"_610":2405,"_616":2408,"_645":2419},{"_612":2406,"_614":2407},[],[],{"_618":2409,"_12":2411,"_149":626,"_627":2412,"_629":2413,"_630":2414,"_635":2416,"_637":662,"_639":2417,"_565":644},{"_616":2410},{"_149":621,"_622":623,"_12":624},"7EhsGkiCJPvWIb7BfbcJwF","2024-02-27T16:02:07.118Z","2025-05-12T15:54:52.761Z",{"_616":2415},{"_12":633,"_149":621,"_622":634},17,{"_616":2418},{"_149":621,"_622":642,"_12":794},{"_7":2420,"_14":2421,"_12":2422,"_798":2423,"_765":2426,"_128":2435},"Fundraising from Family Offices: A guide to raising capital Sample Pages","Fundraising from Family Offices: A guide to raising capital: Sample Pages","fundraising-from-family-offices-a-guide-to-raising-capital-sample-pages",[2424],{"_616":2425},{"_149":621,"_622":626,"_12":1146},{"_126":2427,"_128":2428,"_139":152},{},[2429],{"_126":2430,"_128":2431,"_139":141},{},[2432],{"_126":2433,"_135":2434,"_137":1121,"_139":140},{},[],{"_139":152,"_126":2436,"_128":2437},{},[2438,2444,2451,2462,2467],{"_139":141,"_126":2439,"_128":2440},{},[2441],{"_139":140,"_137":1164,"_135":2442,"_126":2443},[],{},{"_139":141,"_126":2445,"_128":2446},{},[2447],{"_139":140,"_137":2448,"_135":2449,"_126":2450},"The growth in the number of family offices – defined by Preqin as privately owned firms managing investments and trusts for one or more wealthy families – over the past five years sheds light on the structure’s increased popularity among wealthy individuals. That figure has more than tripled from 2019, with single-family offices, which manage such investments for one family, making up 59% of the total in 2023 (Fig. 1). 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",[],{},{"_139":141,"_126":2586,"_128":2587},{},[2588,2591,2598],{"_139":140,"_137":570,"_135":2589,"_126":2590},[],{},{"_139":837,"_126":2592,"_128":2593},{"_830":487},[2594],{"_139":140,"_137":2595,"_135":2596,"_126":2597},"Access all Preqin content here",[],{},{"_139":140,"_137":570,"_135":2599,"_126":2600},[],{},{"_610":2602,"_616":2624,"_645":2635},{"_612":2603,"_614":2623},[2604,2606,2608,2610,2612,2614,2616,2618,2621],{"_616":2605},{"_149":621,"_622":954,"_12":958},{"_616":2607},{"_149":621,"_622":954,"_12":961},{"_616":2609},{"_149":621,"_622":954,"_12":964},{"_616":2611},{"_149":621,"_622":954,"_12":967},{"_616":2613},{"_149":621,"_622":954,"_12":970},{"_616":2615},{"_149":621,"_622":954,"_12":973},{"_616":2617},{"_149":621,"_622":954,"_12":976},{"_616":2619},{"_149":621,"_622":954,"_12":2620},"fundTypeFirstTimeFund",{"_616":2622},{"_149":621,"_622":954,"_12":991},[],{"_618":2625,"_12":2627,"_149":626,"_627":2628,"_629":2629,"_630":2630,"_635":2632,"_637":682,"_639":2633,"_565":644},{"_616":2626},{"_149":621,"_622":623,"_12":624},"7uXUzQD5afmMJisUpHU9QG","2023-12-04T11:36:52.448Z","2024-10-03T14:04:00.418Z",{"_616":2631},{"_12":633,"_149":621,"_622":634},77,{"_616":2634},{"_149":621,"_622":642,"_12":599},{"_7":2636,"_14":2637,"_604":2638,"_606":2639,"_608":1009,"_650":1026,"_705":1062,"_742":2640,"_765":2654,"_776":2676,"_2403":3343,"_2474":3438,"_2481":3441,"_909":2485,"_926":927},"[Report] Fundraising for First-Time Managers: A guide to raising capital","Fundraising for First-Time Managers: A guide to raising capital","fundraising-for-first-time-managers-a-guide-to-raising-capital","2023-12-04T00:00+00:00",{"_610":2641,"_616":2644,"_645":2653},{"_612":2642,"_614":2643},[],[],{"_618":2645,"_12":2647,"_149":626,"_627":2648,"_629":2648,"_630":2649,"_635":636,"_637":638,"_639":2651,"_565":644},{"_616":2646},{"_149":621,"_622":623,"_12":624},"1LRywpcY871BC6Y2l0JUWw","2023-11-23T17:39:13.67Z",{"_616":2650},{"_12":633,"_149":621,"_622":634},{"_616":2652},{"_149":621,"_622":642,"_12":758},{"_760":2637,"_762":763,"_764":763},{"_126":2655,"_128":2656,"_139":152},{},[2657,2664],{"_126":2658,"_128":2659,"_139":141},{},[2660],{"_126":2661,"_135":2662,"_137":2663,"_139":140},{},[],"Raising capital in current market conditions presents some significant challenges, impacting aspiring fund managers looking to launch their first funds. While the case for investing in promising new talent is compelling, there are associated costs with performing thorough due diligence, and possibly even a lingering perception of career risk among allocators.",{"_126":2665,"_128":2666,"_139":141},{},[2667,2672],{"_126":2668,"_135":2669,"_137":2671,"_139":140},{},[2670],{"_149":900},"Fundraising for First-Time Managers: A guide to raising capital ",{"_126":2673,"_135":2674,"_137":2675,"_139":140},{},[],"explores why the premise to invest in first-time managers remains intact and what headwinds GPs looking to make it on their own face in the current fundraising environment. ",[2677],{"_610":2678,"_616":2699,"_645":2710},{"_612":2679,"_614":2698},[2680,2682,2684,2686,2688,2690,2692,2694,2696],{"_616":2681},{"_149":621,"_622":954,"_12":958},{"_616":2683},{"_149":621,"_622":954,"_12":961},{"_616":2685},{"_149":621,"_622":954,"_12":964},{"_616":2687},{"_149":621,"_622":954,"_12":967},{"_616":2689},{"_149":621,"_622":954,"_12":970},{"_616":2691},{"_149":621,"_622":954,"_12":973},{"_616":2693},{"_149":621,"_622":954,"_12":976},{"_616":2695},{"_149":621,"_622":954,"_12":2620},{"_616":2697},{"_149":621,"_622":954,"_12":991},[],{"_618":2700,"_12":2702,"_149":626,"_627":2703,"_629":2704,"_630":2705,"_635":2707,"_637":791,"_639":2708,"_565":644},{"_616":2701},{"_149":621,"_622":623,"_12":624},"6VfgstHHpbCoOtueh21flP","2023-11-23T18:03:28.953Z","2025-05-12T16:14:10.107Z",{"_616":2706},{"_12":633,"_149":621,"_622":634},337,{"_616":2709},{"_149":621,"_622":642,"_12":794},{"_7":2711,"_14":2712,"_12":2713,"_798":2714,"_765":2718,"_128":2728},"[Chapter] Fundraising for First-Time Managers: A guide to raising capital","First-time managers squeezed as investors consolidate relationships","first-time-managers-squeezed-as-investors-consolidate-relationships",[2715],{"_616":2716},{"_149":621,"_622":626,"_12":2717},"GKneGpC0EmDYzyTOykCrV",{"_126":2719,"_128":2720,"_139":152},{},[2721],{"_126":2722,"_128":2723,"_139":141},{},[2724],{"_126":2725,"_135":2726,"_137":2727,"_139":140},{},[],"Differentiation is key in a market where it can be difficult to stand out",{"_139":152,"_126":2729,"_128":2730},{},[2731,2738,2751,2757,2766,2774,2781,2798,2804,2812,2819,2836,2842,2850,2867,2873,2882,2890,2909,2927,2933,2942,2950,2985,3002,3008,3016,3034,3040,3048,3066,3072,3080,3087,3104,3110,3119,3127,3134,3151,3157,3165,3172,3190,3196,3204,3223,3254,3262,3269,3277,3284,3292,3311,3329,3335],{"_139":141,"_126":2732,"_128":2733},{},[2734],{"_139":140,"_137":2735,"_135":2736,"_126":2737},"Raising capital in the current market landscape presents formidable challenges. These conditions disproportionately impact aspiring fund managers who are looking to launch their first funds. While there remains a compelling case to invest in promising new talent, there are associated costs with performing thorough due diligence, and possibly even a lingering perception of career risk among allocators. As private market investment programs mature and relationships with established GPs settle, there can be a tendency to stick with the status quo. Capital concentration within the industry has gradually increased. It may be that market conditions will continue to accelerate this trend (Fig. 1). ",[],{},{"_139":141,"_126":2739,"_128":2740},{},[2741,2746],{"_139":140,"_137":2742,"_135":2743,"_126":2745},"Fig. 1: Fundraising is becoming less equal",[2744],{"_149":150},{},{"_139":140,"_137":2747,"_135":2748,"_126":2750},"\nDispersion of capital across private equity funds and fund managers, measured by Gini coefficient",[2749],{"_149":2038},{},{"_139":1191,"_126":2752,"_128":2756},{"_373":2753},{"_616":2754},{"_12":2755,"_149":621,"_622":626},"17SznOdkk4HjdTiftadSNI",[],{"_139":141,"_126":2758,"_128":2759},{},[2760],{"_139":140,"_137":2761,"_135":2762,"_126":2765},"Source: Preqin Pro",[2763,2764],{"_149":900},{"_149":2038},{},{"_139":1248,"_126":2767,"_128":2768},{},[2769],{"_139":140,"_137":2770,"_135":2771,"_126":2773},"The state of the market today",[2772],{"_149":150},{},{"_139":141,"_126":2775,"_128":2776},{},[2777],{"_139":140,"_137":2778,"_135":2779,"_126":2780},"First-time funds are defined as those launched either by first-time managers – typically involving investment teams that have been spun out of established GPs – or by established GPs that are launching first-time funds in new asset classes. At present there are 3,421 private capital first-time funds in the market globally. This represents 24% of the total 14,461 funds. However, the lower average target size of first-time managers means the $450bn they are seeking to raise makes up only 13% of the $3.36tn total, and because of the relative difficulty of raising for first-time funds, the level of capital actually generated has been substantially lower. As of September 2023, 269 first-time funds closed, 17% of the overall total of closed funds. But the $38.8bn raised by these first-time funds was only 5% of the total capital raised during the same period. This supports a trend in recent years in which first-time managers take a lower share of the total capital being raised (Fig. 2). ",[],{},{"_139":141,"_126":2782,"_128":2783},{},[2784,2789,2793],{"_139":140,"_137":2785,"_135":2786,"_126":2788},"Fig. 2: First-time funds becoming a smaller part of private markets",[2787],{"_149":150},{},{"_139":140,"_137":1178,"_135":2790,"_126":2792},[2791],{"_149":2038},{},{"_139":140,"_137":2794,"_135":2795,"_126":2797},"Number and capital raised by first-time funds as a percentage of total fundraising",[2796],{"_149":902},{},{"_139":1191,"_126":2799,"_128":2803},{"_373":2800},{"_616":2801},{"_12":2802,"_149":621,"_622":626},"7wZTHTn6pQnt9839Tu6mEa",[],{"_139":141,"_126":2805,"_128":2806},{},[2807],{"_139":140,"_137":1958,"_135":2808,"_126":2811},[2809,2810],{"_149":2038},{"_149":900},{},{"_139":141,"_126":2813,"_128":2814},{},[2815],{"_139":140,"_137":2816,"_135":2817,"_126":2818},"Asia, driven by China, has accounted for a significant proportion of the first-time funds raised in recent years, with activity levels peaking in 2017 (Fig. 3). During that year, a total of 760 Asia-based first-time funds were closed, representing 56.0% of the global total. However, this number is skewed considerably by the proliferation of private equity funds in the Chinese market, including government guidance funds. For many LPs outside China, these funds are typically considerably less investable. In developed markets, the North American region has seen a strong growth rate in the number of first-time funds closed, whereas Europe has remained flat by comparison (Fig. 4). However, a tough fundraising environment means fewer investment professionals are currently willing to spin out from existing teams to launch their own firms. ",[],{},{"_139":141,"_126":2820,"_128":2821},{},[2822,2827,2831],{"_139":140,"_137":2823,"_135":2824,"_126":2826},"Fig. 3: North America is the largest source of first-time managers",[2825],{"_149":150},{},{"_139":140,"_137":1178,"_135":2828,"_126":2830},[2829],{"_149":2038},{},{"_139":140,"_137":2832,"_135":2833,"_126":2835},"Number of first-time managers by primary geographic focus",[2834],{"_149":902},{},{"_139":1191,"_126":2837,"_128":2841},{"_373":2838},{"_616":2839},{"_12":2840,"_149":621,"_622":626},"40dkpgpewcBVZssbNcPJnx",[],{"_139":141,"_126":2843,"_128":2844},{},[2845],{"_139":140,"_137":1958,"_135":2846,"_126":2849},[2847,2848],{"_149":2038},{"_149":900},{},{"_139":141,"_126":2851,"_128":2852},{},[2853,2858,2862],{"_139":140,"_137":2854,"_135":2855,"_126":2857},"Fig. 4: Share of first-time managers in Asia has fallen",[2856],{"_149":150},{},{"_139":140,"_137":1178,"_135":2859,"_126":2861},[2860],{"_149":2038},{},{"_139":140,"_137":2863,"_135":2864,"_126":2866},"Aggregate capital raised by first-time managers by primary geographic focus",[2865],{"_149":902},{},{"_139":1191,"_126":2868,"_128":2872},{"_373":2869},{"_616":2870},{"_12":2871,"_149":621,"_622":626},"1ZekwnmJRWsGvX83L38DTV",[],{"_139":141,"_126":2874,"_128":2875},{},[2876],{"_139":140,"_137":2877,"_135":2878,"_126":2881},"Source: Preqin Pro. Data as of June 2023",[2879,2880],{"_149":2038},{"_149":900},{},{"_139":1248,"_126":2883,"_128":2884},{},[2885],{"_139":140,"_137":2886,"_135":2887,"_126":2889},"Market pressures make life more difficult for new managers",[2888],{"_149":150},{},{"_139":141,"_126":2891,"_128":2892},{},[2893,2897,2905],{"_139":140,"_137":2894,"_135":2895,"_126":2896},"Current macroeconomic and financial market conditions have contributed to a challenging fundraising environment across private capital markets. Post-pandemic stimulus measures led to a surge in activity, including fundraising, as investors poured more capital into private market allocations. However, since then the market reckoning has caused fundraising to fall significantly, with overall capital generation reverting to pre-pandemic levels. Fundraising is becoming more challenging because more LPs' investment programs are maturing. More allocations to private capital are approaching strategic targets. These allocations have matured enough that, for some LPs, capital distributions from historical fund investments are large in relation to planned commitments. Having said this, the current market environment has acted to stifle exit activity and slow the release of capital to LPs. In addition, the denominator effect is impacting some LPs following falls in public markets. The falling value of fixed-income securities is often as important as (recovering) public equity markets. Our recent ",[],{},{"_139":837,"_126":2898,"_128":2900},{"_830":2899},"www.preqin.com/insights/research/investor-outlooks/preqin-investor-outlook-alternative-assets-h2-2023",[2901],{"_139":140,"_137":2902,"_135":2903,"_126":2904},"Preqin Investor Outlook: Alternative Assets, H2 2023",[],{},{"_139":140,"_137":2906,"_135":2907,"_126":2908}," suggested that the denominator effect is having an effect on LPs (Fig. 5). This is having an outsized impact on larger investors – for LPs with assets under management over $25bn, 82% noted some impact from the denominator effect.",[],{},{"_139":141,"_126":2910,"_128":2911},{},[2912,2917,2922],{"_139":140,"_137":2913,"_135":2914,"_126":2916},"Fig. 5: Majority of investors seeing some impact from the denominator effect",[2915],{"_149":150},{},{"_139":140,"_137":1178,"_135":2918,"_126":2921},[2919,2920],{"_149":150},{"_149":902},{},{"_139":140,"_137":2923,"_135":2924,"_126":2926},"Investors were asked: 'How much has the denominator effect influenced your private capital allocation decisions in the last year?'",[2925],{"_149":902},{},{"_139":1191,"_126":2928,"_128":2932},{"_373":2929},{"_616":2930},{"_12":2931,"_149":621,"_622":626},"5X728TnYUSA0pFobYm0Zg0",[],{"_139":141,"_126":2934,"_128":2935},{},[2936],{"_139":140,"_137":2937,"_135":2938,"_126":2941},"Source: Preqin Investor Survey, June 2023",[2939,2940],{"_149":2038},{"_149":900},{},{"_139":1248,"_126":2943,"_128":2944},{},[2945],{"_139":140,"_137":2946,"_135":2947,"_126":2949},"The case for first-time managers",[2948],{"_149":150},{},{"_139":2951,"_126":2952,"_128":2953},"ordered-list",{},[2954,2970],{"_139":2955,"_126":2956,"_128":2957},"list-item",{},[2958],{"_139":141,"_126":2959,"_128":2960},{},[2961,2966],{"_139":140,"_137":2962,"_135":2963,"_126":2965},"Evidence of outperformance.",[2964],{"_149":150},{},{"_139":140,"_137":2967,"_135":2968,"_126":2969}," Preqin’s performance data suggests that first-time funds do outperform (Figs. 6 and 7). However, these findings may be influenced by survivorship bias – that is, anecdotal evidence from some of our clients in this space suggests first-time funds that perform poorly may be less likely to report their numbers to data providers such as Preqin. For those that do outperform, part of this may stem from the lower average fund sizes of first-time funds. This allows firms to deploy smaller amounts of capital into smaller capitalization companies that are more likely to be overlooked by larger GPs. In turn this may explain why first-time funds are more popular with smaller LP types, such as family offices (see below). Nevertheless, this would provide a further reason to consider first-time managers when allocating.",[],{},{"_139":2955,"_126":2971,"_128":2972},{},[2973],{"_139":141,"_126":2974,"_128":2975},{},[2976,2981],{"_139":140,"_137":2977,"_135":2978,"_126":2980},"Preferential terms and co-investment options.",[2979],{"_149":150},{},{"_139":140,"_137":2982,"_135":2983,"_126":2984}," Investors have a strong incentive to develop early relationships with emerging managers. For instance, early investors are in a prime position to negotiate favorable fund terms in return for early backing. They can then enjoy many benefits of maintaining a strong ongoing relationship with the emerging GP, such as having access to co-investment opportunities – it is common for early-stage LPs to receive co-investment rights at low or no cost.",[],{},{"_139":2986,"_126":2987,"_128":2988},"heading-6",{},[2989,2993,2997],{"_139":140,"_137":2990,"_135":2991,"_126":2992},"Fig. 6: Most first-time fund vintages provide added returns",[],{},{"_139":140,"_137":1178,"_135":2994,"_126":2996},[2995],{"_149":2038},{},{"_139":140,"_137":2998,"_135":2999,"_126":3001},"Median net IRR of first-time mangers by asset class and vintage year",[3000],{"_149":902},{},{"_139":1191,"_126":3003,"_128":3007},{"_373":3004},{"_616":3005},{"_12":3006,"_149":621,"_622":626},"3Em8a99EjeIKxkwhvb7zWb",[],{"_139":141,"_126":3009,"_128":3010},{},[3011],{"_139":140,"_137":1958,"_135":3012,"_126":3015},[3013,3014],{"_149":900},{"_149":2038},{},{"_139":141,"_126":3017,"_128":3018},{},[3019,3024,3029],{"_139":140,"_137":3020,"_135":3021,"_126":3023},"Fig. 7a: First-time funds outperform in most asset classes: All funds",[3022],{"_149":150},{},{"_139":140,"_137":1178,"_135":3025,"_126":3028},[3026,3027],{"_149":150},{"_149":902},{},{"_139":140,"_137":3030,"_135":3031,"_126":3033},"Private capital: risk return by asset class (vintages 2010–2020)",[3032],{"_149":902},{},{"_139":1191,"_126":3035,"_128":3039},{"_373":3036},{"_616":3037},{"_12":3038,"_149":621,"_622":626},"2xGmbyYQPNp7zeLYLkxDQx",[],{"_139":141,"_126":3041,"_128":3042},{},[3043],{"_139":140,"_137":1958,"_135":3044,"_126":3047},[3045,3046],{"_149":900},{"_149":2038},{},{"_139":2986,"_126":3049,"_128":3050},{},[3051,3056,3061],{"_139":140,"_137":3052,"_135":3053,"_126":3055},"Fig. 7b: First-time funds outperform in most asset classes: First-time funds",[3054],{"_149":150},{},{"_139":140,"_137":1178,"_135":3057,"_126":3060},[3058,3059],{"_149":150},{"_149":902},{},{"_139":140,"_137":3062,"_135":3063,"_126":3065},"Private capital: risk/return by asset class (vintages 2010 – 2020)",[3064],{"_149":902},{},{"_139":1191,"_126":3067,"_128":3071},{"_373":3068},{"_616":3069},{"_12":3070,"_149":621,"_622":626},"6MmNWmTrqn1x1R7QJVmDe7",[],{"_139":141,"_126":3073,"_128":3074},{},[3075],{"_139":140,"_137":1958,"_135":3076,"_126":3079},[3077,3078],{"_149":900},{"_149":2038},{},{"_139":141,"_126":3081,"_128":3082},{},[3083],{"_139":140,"_137":3084,"_135":3085,"_126":3086},"Allocating to first-time managers offers an obvious advantage of improving the pipeline of potential deal flows available to LPs. This is consistent with the trends of LPs becoming more confident in private markets and moving away from simply looking at traditional fund structures as a means to obtain exposure. Increasingly, direct-investment teams are being built out at larger LPs. Having said this, our latest investor survey suggests that this trend has retrenched somewhat in the new market environment (Fig. 8).",[],{},{"_139":141,"_126":3088,"_128":3089},{},[3090,3095,3099],{"_139":140,"_137":3091,"_135":3092,"_126":3094},"Fig. 8: Direct investments no longer as popular",[3093],{"_149":150},{},{"_139":140,"_137":1178,"_135":3096,"_126":3098},[3097],{"_149":2038},{},{"_139":140,"_137":3100,"_135":3101,"_126":3103},"Investors were asked: 'What fund structures are you targeting in the next 12 months?'",[3102],{"_149":902},{},{"_139":1191,"_126":3105,"_128":3109},{"_373":3106},{"_616":3107},{"_12":3108,"_149":621,"_622":626},"SIBEYPP55aiOrk2WH8r7D",[],{"_139":141,"_126":3111,"_128":3112},{},[3113],{"_139":140,"_137":3114,"_135":3115,"_126":3118},"Source: Preqin Investor Surveys, June 2022 – 2023",[3116,3117],{"_149":2038},{"_149":900},{},{"_139":1248,"_126":3120,"_128":3121},{},[3122],{"_139":140,"_137":3123,"_135":3124,"_126":3126},"Investor appetite",[3125],{"_149":150},{},{"_139":141,"_126":3128,"_128":3129},{},[3130],{"_139":140,"_137":3131,"_135":3132,"_126":3133},"Engaging with many different types of investors can ensure capital for the first-time manager. Family offices, public pension funds, endowment funds, and funds of funds (FoFs) all play a role in first-time fund managers’ capital raising. That said, it is important to find investors who are unrestricted in their allocation, as only certain types of investors are open to investing in first-time managers. ",[],{},{"_139":141,"_126":3135,"_128":3136},{},[3137,3142,3146],{"_139":140,"_137":3138,"_135":3139,"_126":3141},"Fig. 9: Large number of family offices consider first-time managers",[3140],{"_149":150},{},{"_139":140,"_137":1178,"_135":3143,"_126":3145},[3144],{"_149":2038},{},{"_139":140,"_137":3147,"_135":3148,"_126":3150},"Number of investors by asset class who will consider investing in first-time managers",[3149],{"_149":902},{},{"_139":1191,"_126":3152,"_128":3156},{"_373":3153},{"_616":3154},{"_12":3155,"_149":621,"_622":626},"2P2o7PLWMjaz6EHENwhtfu",[],{"_139":141,"_126":3158,"_128":3159},{},[3160],{"_139":140,"_137":2877,"_135":3161,"_126":3164},[3162,3163],{"_149":2038},{"_149":900},{},{"_139":141,"_126":3166,"_128":3167},{},[3168],{"_139":140,"_137":3169,"_135":3170,"_126":3171},"Among the investors tracked in Preqin Pro, there are 368 family offices open to investing in first-time managers (Fig. 9), 279 for public pension funds, and 216 endowment funds. FoFs managers, in general, are open to first-time funds. Among FoFs managers tracked by Preqin, 81% are open to investing in a first-time private equity or VC fund, while 80% of fund of hedge funds managers would be open to investing in emerging managers (Fig. 10). (Data includes fund managers who answered the question of whether they invest in first-time managers or not, so may be skewed to the upside.) Indeed, a number of FoF structures focus solely on first-time managers and play a key role in providing cornerstone investment. In-house expertise at an FoF can signal to other investors that a particular fund is investable and can help achieve more traction. ",[],{},{"_139":141,"_126":3173,"_128":3174},{},[3175,3180,3185],{"_139":140,"_137":3176,"_135":3177,"_126":3179},"Fig. 10: Most funds of funds open to first-time fund managers",[3178],{"_149":150},{},{"_139":140,"_137":1178,"_135":3181,"_126":3184},[3182,3183],{"_149":2038},{"_149":150},{},{"_139":140,"_137":3186,"_135":3187,"_126":3189},"Proportion of investors open to investing in first-time managers",[3188],{"_149":902},{},{"_139":1191,"_126":3191,"_128":3195},{"_373":3192},{"_616":3193},{"_12":3194,"_149":621,"_622":626},"2nkY0alWiPsL00WH8T4i6H",[],{"_139":141,"_126":3197,"_128":3198},{},[3199],{"_139":140,"_137":2877,"_135":3200,"_126":3203},[3201,3202],{"_149":2038},{"_149":900},{},{"_139":141,"_126":3205,"_128":3206},{},[3207,3211,3219],{"_139":140,"_137":3208,"_135":3209,"_126":3210},"It is also worth noting that government agencies can be a key investor in some jurisdictions. Government programs which may look to grow nascent local venture capital (VC) markets, increase innovation, or have a range of other incentives can be a great source of capital for first-time managers. An example is ",[],{},{"_139":837,"_126":3212,"_128":3214},{"_830":3213},"https://pro.preqin.com/investor/3123",[3215],{"_139":140,"_137":3216,"_135":3217,"_126":3218},"New Zealand Growth Capital Partners",[],{},{"_139":140,"_137":3220,"_135":3221,"_126":3222},", a fund-of-funds manager that specifically invests in this area.",[],{},{"_139":141,"_126":3224,"_128":3225},{},[3226,3230,3238,3242,3250],{"_139":140,"_137":3227,"_135":3228,"_126":3229},"A number of US pension and endowment funds have dedicated emerging-manager programs, that cater to first-time fund managers as well as managers who may have already raised their first fund but are still below a threshold of assets under management (AUM). Diversity, equity, and inclusion (DEI) policies may also be a factor in these programs, such as at such as ",[],{},{"_139":837,"_126":3231,"_128":3233},{"_830":3232},"https://www.calpers.ca.gov/page/investments/sustainable-investments-program/emerging-diverse-manager-program",[3234],{"_139":140,"_137":3235,"_135":3236,"_126":3237},"CalPERS",[],{},{"_139":140,"_137":3239,"_135":3240,"_126":3241}," and ",[],{},{"_139":837,"_126":3243,"_128":3245},{"_830":3244},"https://dumac.duke.edu/diversity/",[3246],{"_139":140,"_137":3247,"_135":3248,"_126":3249},"Duke University Endowment",[],{},{"_139":140,"_137":3251,"_135":3252,"_126":3253},", to encourage higher representation of minorities and women among managers.",[],{},{"_139":1248,"_126":3255,"_128":3256},{},[3257],{"_139":140,"_137":3258,"_135":3259,"_126":3261},"Funds need to specialize",[3260],{"_149":150},{},{"_139":141,"_126":3263,"_128":3264},{},[3265],{"_139":140,"_137":3266,"_135":3267,"_126":3268},"In an increasingly competitive market environment, it remains more important than ever for new managers to have a clear and distinct strategy, and there are typically fewer generalist first-time funds in the market. Instead, new managers tend to try to attract investment by focusing on a specific sector or theme, or on a particular investment style, such as buy-and-build, or value investing. ",[],{},{"_139":1248,"_126":3270,"_128":3271},{},[3272],{"_139":140,"_137":3273,"_135":3274,"_126":3276},"The use of placement agents",[3275],{"_149":150},{},{"_139":141,"_126":3278,"_128":3279},{},[3280],{"_139":140,"_137":3281,"_135":3282,"_126":3283},"Placement agents are usually brought in later in the fundraising process, which can sometimes be after the first close of the initial fund. This is often due to the associated upfront cost. However, spin-off teams from larger GPs that typically have more resources have been known to engage them from the start. A new generation of private market software and technology platforms has also created fertile ground for first-time and spin-out funds looking to raise capital. More cost-effective, outsourced back-offices and compliance teams have reduced some of the friction first-time managers may face when breaking out on their own.",[],{},{"_139":1248,"_126":3285,"_128":3286},{},[3287],{"_139":140,"_137":3288,"_135":3289,"_126":3291},"Next generation may look to infrastructure and private debt",[3290],{"_149":150},{},{"_139":141,"_126":3293,"_128":3294},{},[3295,3299,3307],{"_139":140,"_137":3296,"_135":3297,"_126":3298},"While the current fundraising environment in private equity and VC will make it even more challenging for first-time funds, the picture looks more positive for private debt and infrastructure, which are seeing more interest from investors (Fig. 11). Although infrastructure ",[],{},{"_139":837,"_126":3300,"_128":3302},{"_830":3301},"https://www.preqin.com/insights/research/quarterly-updates/q3-2023-infrastructure",[3303],{"_139":140,"_137":3304,"_135":3305,"_126":3306},"fundraising has been quite low this year",[],{},{"_139":140,"_137":3308,"_135":3309,"_126":3310},", once inflation has peaked and interest rates are more certain, this may recover. Managers who can leverage their networks for fundraising by targeting LPs with dedicated manager programs, are able to demonstrate track record through past experiences at previous firms, and can form a stable and dynamic team, will give their GPs the best shot at raising their first fund.",[],{},{"_139":141,"_126":3312,"_128":3313},{},[3314,3319,3324],{"_139":140,"_137":3315,"_135":3316,"_126":3318},"Fig. 11: Private debt and infrastructure top of mind for commitments",[3317],{"_149":150},{},{"_139":140,"_137":1178,"_135":3320,"_126":3323},[3321,3322],{"_149":2038},{"_149":150},{},{"_139":140,"_137":3325,"_135":3326,"_126":3328},"Investors were asked: 'In the next 12 months do you expect to invest more, less, or the same amount of capital in the following asset classes than you did in the last 12 months?'",[3327],{"_149":902},{},{"_139":1191,"_126":3330,"_128":3334},{"_373":3331},{"_616":3332},{"_12":3333,"_149":621,"_622":626},"3hRVbScGi8as3ze5HEcH7f",[],{"_139":141,"_126":3336,"_128":3337},{},[3338],{"_139":140,"_137":2937,"_135":3339,"_126":3342},[3340,3341],{"_149":2038},{"_149":900},{},{"_610":3344,"_616":3347,"_645":3357},{"_612":3345,"_614":3346},[],[],{"_618":3348,"_12":3350,"_149":626,"_627":3351,"_629":3351,"_630":3352,"_635":3354,"_637":638,"_639":3355,"_565":644},{"_616":3349},{"_149":621,"_622":623,"_12":624},"6xQuUokWvBOrdCZuNOCD2x","2023-11-27T16:00:31.655Z",{"_616":3353},{"_12":633,"_149":621,"_622":634},23,{"_616":3356},{"_149":621,"_622":642,"_12":794},{"_7":3358,"_14":3359,"_12":3360,"_798":3361,"_765":3367,"_128":3376},"[PDF Sample pages] Fundraising for First-Time Managers","Fundraising for First-Time Managers: Sample Pages","fundraising-for-first-time-managers-sample-pages",[3362,3364],{"_616":3363},{"_149":621,"_622":626,"_12":2717},{"_616":3365},{"_149":621,"_622":626,"_12":3366},"437wKNIwzglpmPUph6lPcu",{"_126":3368,"_128":3369,"_139":152},{},[3370],{"_126":3371,"_128":3372,"_139":141},{},[3373],{"_126":3374,"_135":3375,"_137":2712,"_139":140},{},[],{"_139":152,"_126":3377,"_128":3378},{},[3379,3386,3394,3402,3430],{"_139":141,"_126":3380,"_128":3381},{},[3382],{"_139":140,"_137":3383,"_135":3384,"_126":3385},"Raising capital in the current market landscape presents formidable challenges. These conditions disproportionately impact aspiring fund managers who are looking to launch their first funds. While there remains a compelling case to invest in promising new talent, there are associated costs with performing thorough due diligence, and possibly even a lingering perception of career risk among allocators. As private market investment programs mature and relationships with established GPs settle, there can be a tendency to stick with the status quo. Capital concentration within the industry has gradually increased. It may be that market\r\nconditions will continue to accelerate this trend (Fig. 1).",[],{},{"_139":2986,"_126":3387,"_128":3388},{},[3389],{"_139":140,"_137":3390,"_135":3391,"_126":3393},"Fig. 1: Fundraising if becoming less equal",[3392],{"_149":150},{},{"_139":2986,"_126":3395,"_128":3396},{},[3397],{"_139":140,"_137":3398,"_135":3399,"_126":3401},"Dispersion of capital across private equity funds and fund managers, measured by Gini coefficient",[3400],{"_149":2038},{},{"_139":3403,"_126":3404,"_128":3429},"embedded-asset-block",{"_373":3405},{"_610":3406,"_616":3409,"_645":3418},{"_612":3407,"_614":3408},[],[],{"_618":3410,"_12":3412,"_149":678,"_627":3413,"_629":3414,"_630":3415,"_635":3417,"_637":636,"_565":644},{"_616":3411},{"_149":621,"_622":623,"_12":624},"45di3s1RSukabUmfrJPfY1","2023-11-24T11:15:07.127Z","2025-05-12T15:43:29.896Z",{"_616":3416},{"_12":633,"_149":621,"_622":634},14,{"_14":3419,"_684":570,"_685":3420},"Fundraising is becoming less equal Fig. 1",{"_15":3421,"_688":3422,"_698":3427,"_639":3428},"//images.ctfassets.net/v9b2vtxh984q/45di3s1RSukabUmfrJPfY1/65085427b5b1e48004973de34a2c5149/fundraising-first-time-managers-fig-1.svg",{"_690":3423,"_692":3424},5024,{"_694":3425,"_696":3426},2090,1436,"fundraising-first-time-managers-fig-1.svg","image/svg+xml",[],{"_139":141,"_126":3431,"_128":3432},{},[3433],{"_139":140,"_137":2761,"_135":3434,"_126":3437},[3435,3436],{"_149":900},{"_149":2038},{},{"_616":3439},{"_149":2477,"_622":2478,"_2479":3440},"crn:contentful:::content:spaces/cvkib8eusqun/environments/master/entries/2cIeW4MBTKsnyYdUOPGsBd",{"_616":3442},{"_149":2477,"_622":2478,"_2479":3443},"crn:contentful:::content:spaces/cvkib8eusqun/environments/master/entries/7o1EpFOgxXtukpSA0KQhuG",{"_610":3445,"_616":3453,"_645":3464},{"_612":3446,"_614":3452},[3447,3449],{"_616":3448},{"_149":621,"_622":954,"_12":991},{"_616":3450},{"_149":621,"_622":954,"_12":3451},"useCaseFundraising",[],{"_618":3454,"_12":3456,"_149":626,"_627":3457,"_629":3458,"_630":3459,"_635":3461,"_637":791,"_639":3462,"_565":644},{"_616":3455},{"_149":621,"_622":623,"_12":624},"1LqiOBuLORgh5dilAvSLib","2023-10-27T15:50:00.064Z","2024-10-03T14:03:33.195Z",{"_616":3460},{"_12":633,"_149":621,"_622":634},55,{"_616":3463},{"_149":621,"_622":642,"_12":599},{"_7":3465,"_14":3466,"_604":3467,"_606":3468,"_608":1009,"_650":1026,"_705":1062,"_742":3469,"_765":3488,"_776":3505,"_2474":4718,"_2481":4721,"_909":2485,"_926":927},"[Capital Raising Guide] Fundraising from Insurance Companies: A Guide to Raising Capital","Fundraising from insurance companies: A guide to raising capital","fundraising-from-insurance-companies-a-guide-to-raising-capital","2023-10-04T08:00+01:00",{"_610":3470,"_616":3473,"_645":3483},{"_612":3471,"_614":3472},[],[],{"_618":3474,"_12":3476,"_149":626,"_627":3477,"_629":3478,"_630":3479,"_635":755,"_637":636,"_639":3481,"_565":644},{"_616":3475},{"_149":621,"_622":623,"_12":624},"7k5SmKONO9KkTVkBhuLtq6","2023-10-03T13:14:34.669Z","2023-10-03T13:39:12.821Z",{"_616":3480},{"_12":633,"_149":621,"_622":634},{"_616":3482},{"_149":621,"_622":642,"_12":758},{"_760":3484,"_3485":3486,"_762":763,"_764":763,"_1111":3466,"_3487":3486},"Fundraising from insurance companies: A guide to raising capital | Preqin","seoDescription","In this report, Preqin analyzes ICs’ investment plans amid a changing global regulatory environment, and how alternative assets, particularly real assets and private debt, will remain key to ICs.","ogDescription",{"_126":3489,"_128":3490,"_139":152},{},[3491,3498],{"_126":3492,"_128":3493,"_139":141},{},[3494],{"_126":3495,"_135":3496,"_137":3497,"_139":140},{},[],"Insurance companies (ICs) are some of the largest institutional investors globally, commanding nearly $38tn in total assets. Their portfolios tend to be dominated by allocations to public fixed income, which meets their requirements for asset-liability matching and liquidity. ICs also often have exposure to alternatives, particularly real estate. While the direction of regulation toward a risk-based framework may restrict expansion into real assets, the prospect of increasing allocations to private debt is credible, and it has the potential to displace public fixed income.",{"_126":3499,"_128":3500,"_139":141},{},[3501],{"_126":3502,"_135":3503,"_137":3504,"_139":140},{},[],"This report provides insight into ICs’ investment plans amid a changing global regulatory environment, and how alternative assets, particularly real assets and private debt, will be important to ICs.",[3506,3890,4180,4612],{"_610":3507,"_616":3510,"_645":3521},{"_612":3508,"_614":3509},[],[],{"_618":3511,"_12":3513,"_149":626,"_627":3514,"_629":3515,"_630":3516,"_635":3518,"_637":1136,"_639":3519,"_565":644},{"_616":3512},{"_149":621,"_622":623,"_12":624},"15wQgRwFtpRspHZqFBJzXU","2023-10-03T13:34:03.706Z","2025-05-13T11:30:45.96Z",{"_616":3517},{"_12":633,"_149":621,"_622":634},268,{"_616":3520},{"_149":621,"_622":642,"_12":794},{"_7":3522,"_14":3523,"_12":3524,"_798":3525,"_765":3529,"_128":3539},"Fundraising from Insurance: Insurance company models and portfolio drivers","Insurance company models and portfolio drivers","insurance-company-models-and-portfolio-drivers",[3526],{"_616":3527},{"_149":621,"_622":626,"_12":3528},"46JvUSOhHDPCTVaFwv2UB9",{"_126":3530,"_128":3531,"_139":152},{},[3532],{"_126":3533,"_128":3534,"_139":141},{},[3535],{"_126":3536,"_135":3537,"_137":3538,"_139":140},{},[],"Insurance companies’ portfolios are some of the largest among institutional investors, but as liability driven investors their flexibility on investment can be constrained.",{"_139":152,"_126":3540,"_128":3541},{},[3542,3558,3564,3573,3581,3588,3596,3612,3618,3626,3642,3648,3656,3664,3671,3679,3703,3709,3727,3733,3742,3750,3757,3765,3786,3792,3810,3816,3824,3832,3838,3846,3854,3860,3868,3876,3882],{"_139":141,"_126":3543,"_128":3544},{},[3545,3549,3554],{"_139":140,"_137":3546,"_135":3547,"_126":3548},"The stringent regulation of insurance companies (ICs) reflects their systemic importance to economic activity. Based on Preqin data covering 900 ICs, an estimated $37.9tn in total assets is spread relatively evenly across different regions, with North America ICs holding 33% of the global total, Asia 32%, and Europe 31% (Fig. 1.1).\n\nThis report looks at ICs’ strategic asset allocations, as well as private debt and real asset class indicators to support GPs when engaging with ICs to raise capital.\n\n",[],{},{"_139":140,"_137":3550,"_135":3551,"_126":3553},"Fig. 1.1: Regional share of IC capital well balanced",[3552],{"_149":150},{},{"_139":140,"_137":3555,"_135":3556,"_126":3557},"\nTotal assets of insurance companies ($37.9tn), by region",[],{},{"_139":1191,"_126":3559,"_128":3563},{"_373":3560},{"_616":3561},{"_12":3562,"_149":621,"_622":626},"5ZjKoISlkofNto5eMOGdZu",[],{"_139":141,"_126":3565,"_128":3566},{},[3567],{"_139":140,"_137":3568,"_135":3569,"_126":3572},"Source: Preqin Pro. Data as of June 2023 ",[3570,3571],{"_149":902},{"_149":900},{},{"_139":1248,"_126":3574,"_128":3575},{},[3576],{"_139":140,"_137":3577,"_135":3578,"_126":3580},"Life versus non-life ",[3579],{"_149":150},{},{"_139":141,"_126":3582,"_128":3583},{},[3584],{"_139":140,"_137":3585,"_135":3586,"_126":3587},"Life ICs need to focus more on financing policies over the longer term, and less on estimating mortality, which is disputed less due to the reliability and accessibility of mortality risk data. On the other hand, non-life ICs' success can depend more on their expertise in estimating risks and pricing cover competitively. Both forms of ICs need to have some asset liability matching (ALM) in their allocation strategies to meet their liabilities, but non-life liabilities are less predictable, with continued risk of surges in claims and resulting liabilities. This places greater value on shorter-term liquidity in portfolios in non-life ICs, compared with life ICs. \n\nALM involves aligning the duration, cash flow patterns, and risk profiles of assets with the corresponding liabilities. By carefully matching the characteristics of their investments with the liabilities they need to cover, ICs aim to minimize the risk of shortfalls and ensure the availability of funds to meet policy holder claims.\n",[],{},{"_139":1248,"_126":3589,"_128":3590},{},[3591],{"_139":140,"_137":3592,"_135":3593,"_126":3595},"Strong allocations to fixed income",[3594],{"_149":150},{},{"_139":141,"_126":3597,"_128":3598},{},[3599,3603,3608],{"_139":140,"_137":3600,"_135":3601,"_126":3602},"ICs allocate 66% of their total assets to fixed income (Fig. 1.2). This high allocation results from the requirement for ALM and the strategic value of lower risk in return profiles. The greater liquidity offered by public fixed income, while not always immediate, is an important feature for ICs’ portfolios.\n",[],{},{"_139":140,"_137":3604,"_135":3605,"_126":3607},"\nFig. 1.2: ICs' portfolios are dominated by public fixed income",[3606],{"_149":150},{},{"_139":140,"_137":3609,"_135":3610,"_126":3611},"\nInsurance company portfolio allocations by asset type (weighted)",[],{},{"_139":1191,"_126":3613,"_128":3617},{"_373":3614},{"_616":3615},{"_12":3616,"_149":621,"_622":626},"4PiCmsApzku7e7ZANmPiZm",[],{"_139":141,"_126":3619,"_128":3620},{},[3621],{"_139":140,"_137":3568,"_135":3622,"_126":3625},[3623,3624],{"_149":900},{"_149":902},{},{"_139":141,"_126":3627,"_128":3628},{},[3629,3633,3638],{"_139":140,"_137":3630,"_135":3631,"_126":3632},"Private debt allocations grant ICs access to non-publicly traded debt instruments such as direct lending, mezzanine financing, and distressed debt (see chapter on private debt). Preqin fund searches data suggests a slight decrease in ICs’ intentions for allocation to private debt in 2023 compared with a year earlier (Fig. 1.3). Allocation to private debt is driven by the potential for enhanced risk-adjusted returns compared with traditional fixed-income investments. Private debt may also offer more appropriate risk alignment with ICs' liabilities and contribute to effective ALM.",[],{},{"_139":140,"_137":3634,"_135":3635,"_126":3637},"\n\nFig. 1.3: Uptick in IC fund searches for Infrastructure and Natural resources",[3636],{"_149":150},{},{"_139":140,"_137":3639,"_135":3640,"_126":3641},"\nProportion of insurance companies planning to commit into the asset class in the next 12-month period",[],{},{"_139":1191,"_126":3643,"_128":3647},{"_373":3644},{"_616":3645},{"_12":3646,"_149":621,"_622":626},"5gb2UcsGIAu0vWiMeE9nIS",[],{"_139":141,"_126":3649,"_128":3650},{},[3651],{"_139":140,"_137":2877,"_135":3652,"_126":3655},[3653,3654],{"_149":900},{"_149":902},{},{"_139":1248,"_126":3657,"_128":3658},{},[3659],{"_139":140,"_137":3660,"_135":3661,"_126":3663},"Real assets comprise the majority of ICs' allocations to private assets",[3662],{"_149":150},{},{"_139":141,"_126":3665,"_128":3666},{},[3667],{"_139":140,"_137":3668,"_135":3669,"_126":3670},"ICs face the challenge of meeting long-term obligations to policy holders while navigating the uncertainties of financial markets. Features of real assets offer some of the desired portfolio characteristics for ALM. These include inflation hedging, because of the strong contractual clauses found in real assets, and cash yields that help combat the downside of illiquidity from investment in private assets. ICs allocate 9% to real assets, of which 6% is to real estate and 3% to infrastructure. The overall estimate for aggregate alternatives allocation sits at 12%, suggesting real assets comprise the majority of ICs’ allocations to private assets.",[],{},{"_139":1248,"_126":3672,"_128":3673},{},[3674],{"_139":140,"_137":3675,"_135":3676,"_126":3678},"The largest insurance companies",[3677],{"_149":150},{},{"_139":141,"_126":3680,"_128":3681},{},[3682,3686,3691,3694,3699],{"_139":140,"_137":3683,"_135":3684,"_126":3685},"Asia is home to seven of the largest 20 ICs globally. China-based Ping An, with $1.6tn total assets has a 4.2% allocation to alternatives, 2% of which is to private equity and 2.2% to real estate (Fig. 1.4). Japan-based Nippon Life commands $615bn total assets with an even smaller 2.3% alternatives allocation, solely in real estate. Prudential Financial is the largest US IC, with $1.4tn total assets. It has a well-above-IC average alternatives allocation of 22%, including a 9.6% real estate allocation.\n\nThese ICs hold significant positions in the real estate asset class, with an average 60% of alternatives allocations made up from real estate for the top 20 ICs. Real estate is an important route into alternatives for ICs. The average share of alternative allocations taken up by real estate for ICs with allocations below 2.5% averages 76%.",[],{},{"_139":140,"_137":1178,"_135":3687,"_126":3690},[3688,3689],{"_149":900},{"_149":902},{},{"_139":140,"_137":1178,"_135":3692,"_126":3693},[],{},{"_139":140,"_137":3695,"_135":3696,"_126":3698},"Fig. 1.4: Real estate is an important route into alternatives",[3697],{"_149":150},{},{"_139":140,"_137":3700,"_135":3701,"_126":3702},"\nMajor public insurance companies globally by assets under management",[],{},{"_139":1191,"_126":3704,"_128":3708},{"_373":3705},{"_616":3706},{"_12":3707,"_149":621,"_622":626},"XT2ZpbjbXcfiBmY0jlSWC",[],{"_139":141,"_126":3710,"_128":3711},{},[3712,3718,3723],{"_139":140,"_137":3713,"_135":3714,"_126":3717},"Source: Preqin Pro. Data as of June 2023\n\n",[3715,3716],{"_149":900},{"_149":902},{},{"_139":140,"_137":3719,"_135":3720,"_126":3722},"Fig. 1.5: Experience and track record most important GP characteristics for LPs",[3721],{"_149":150},{},{"_139":140,"_137":3724,"_135":3725,"_126":3726},"\nWhat characteristics in a private capital manager do investors value most in the current market environment?",[],{},{"_139":1191,"_126":3728,"_128":3732},{"_373":3729},{"_616":3730},{"_12":3731,"_149":621,"_622":626},"4ID51HKjjL08IRDCNMCbPe",[],{"_139":141,"_126":3734,"_128":3735},{},[3736],{"_139":140,"_137":3737,"_135":3738,"_126":3741},"Source: Preqin Investor Surveys, June 2023",[3739,3740],{"_149":900},{"_149":902},{},{"_139":1248,"_126":3743,"_128":3744},{},[3745],{"_139":140,"_137":3746,"_135":3747,"_126":3749},"Interest rate hikes on European insurance",[3748],{"_149":150},{},{"_139":141,"_126":3751,"_128":3752},{},[3753],{"_139":140,"_137":3754,"_135":3755,"_126":3756},"Interest rates heavily impact ICs, affecting not only the performance of portfolios, but the demand for ongoing insurance cover. As such, the required collateral on derivatives has heightened liquidity needs. These arise from the requirement to make cash available to account for changes in the value of derivative contracts. In response, insurers have faced high redemptions of money market funds and have been compelled to sell bonds to meet these liquidity demands. Moreover, higher interest rates have brought attention to asset-liability mismatches. As a result, lapse risk has resurfaced as a prominent concern for ICs.\n\nLapse risk refers to the possibility of policyholders surrendering their policies prematurely, leading to reduced future revenue from lost premiums. When interest rates rise, policy holders may be incentivized to explore other investment options that offer higher returns, prompting them to surrender their insurance policies. This in turn may reduce ICs’ appetite for commitment to private capital funds. This is because the realization of lapse risk further reduces IC demand for illiquid assets.\n",[],{},{"_139":1248,"_126":3758,"_128":3759},{},[3760],{"_139":140,"_137":3761,"_135":3762,"_126":3764},"Concerns over the denominator drag",[3763],{"_149":150},{},{"_139":141,"_126":3766,"_128":3767},{},[3768,3772,3777,3782],{"_139":140,"_137":3769,"_135":3770,"_126":3771},"Poor performance across both equities and fixed income in 2022 brought concerns of how the denominator effect would bear down on investor allocations to private markets in 2023. While fundraising has been somewhat subdued in the first half of the year, recent survey results suggest that only a small share of investors were affected, with just 28% reporting that it had either some or a lot of influence on their allocation decisions over the last year (Fig. 1.6). This is dwarfed by the 41% that reported it had no influence at all. \n",[],{},{"_139":140,"_137":1178,"_135":3773,"_126":3776},[3774,3775],{"_149":900},{"_149":902},{},{"_139":140,"_137":3778,"_135":3779,"_126":3781},"Fig. 1.6: Denominator effect not a major concern for most investors",[3780],{"_149":150},{},{"_139":140,"_137":3783,"_135":3784,"_126":3785},"\nInvestors were asked: 'How much has the denominator effect influenced your private capital allocation decisions in the last year?'",[],{},{"_139":1191,"_126":3787,"_128":3791},{"_373":3788},{"_616":3789},{"_12":3790,"_149":621,"_622":626},"UbuMDwB7KqXYvYBavT8r6",[],{"_139":141,"_126":3793,"_128":3794},{},[3795,3801,3805],{"_139":140,"_137":3796,"_135":3797,"_126":3800},"Source: Preqin Investor Survey, June 2023\n\n",[3798,3799],{"_149":900},{"_149":902},{},{"_139":140,"_137":3802,"_135":3803,"_126":3804},"In 2022 equities fell by the largest amount since 2008, dropping by 18.2% compared with 40% in 2008, while bonds dropped 15.7% in their worst performance in the last 20 years. Given ICs’ heavy weighting toward fixed income, this suggests they will be feeling the denominator effect more acutely and consistently than other investor types. The rapid rise in interest rates will no doubt have caught many ICs out in terms of duration risk on long-dated bonds being held to maturity. While elevated rates offer higher future returns on public products, borrowers are willing to pay more for flexible private market products compared with lower-cost bank debt.",[],{},{"_139":140,"_137":3806,"_135":3807,"_126":3809},"\n\nFig. 1.7: Top five by AUM North America-based insurance firms' allocation to alternatives",[3808],{"_149":150},{},{"_139":1191,"_126":3811,"_128":3815},{"_373":3812},{"_616":3813},{"_12":3814,"_149":621,"_622":626},"2WzBWMSECH71M4Mx12y0vV",[],{"_139":141,"_126":3817,"_128":3818},{},[3819],{"_139":140,"_137":2877,"_135":3820,"_126":3823},[3821,3822],{"_149":900},{"_149":902},{},{"_139":141,"_126":3825,"_128":3826},{},[3827],{"_139":140,"_137":3828,"_135":3829,"_126":3831},"Fig. 1.8: Top five by AUM Europe-based insurance firms' allocation to alternatives",[3830],{"_149":150},{},{"_139":1191,"_126":3833,"_128":3837},{"_373":3834},{"_616":3835},{"_12":3836,"_149":621,"_622":626},"4S0yAJSRfS04KQBBnpO3Lg",[],{"_139":141,"_126":3839,"_128":3840},{},[3841],{"_139":140,"_137":2877,"_135":3842,"_126":3845},[3843,3844],{"_149":900},{"_149":902},{},{"_139":141,"_126":3847,"_128":3848},{},[3849],{"_139":140,"_137":3850,"_135":3851,"_126":3853},"Fig. 1.9: Top five by AUM APAC-based insurance firms' allocation to alternatives",[3852],{"_149":150},{},{"_139":1191,"_126":3855,"_128":3859},{"_373":3856},{"_616":3857},{"_12":3858,"_149":621,"_622":626},"2QzU2TgiIUL6cmGkg4nj7n",[],{"_139":141,"_126":3861,"_128":3862},{},[3863],{"_139":140,"_137":2877,"_135":3864,"_126":3867},[3865,3866],{"_149":900},{"_149":902},{},{"_139":141,"_126":3869,"_128":3870},{},[3871],{"_139":140,"_137":3872,"_135":3873,"_126":3875},"Fig. 1.10: Top five by AUM Rest of world-based insurance firms' allocation to alternatives",[3874],{"_149":150},{},{"_139":1191,"_126":3877,"_128":3881},{"_373":3878},{"_616":3879},{"_12":3880,"_149":621,"_622":626},"QaeUQpNcnUO9N3YdzT3eT",[],{"_139":141,"_126":3883,"_128":3884},{},[3885],{"_139":140,"_137":2877,"_135":3886,"_126":3889},[3887,3888],{"_149":900},{"_149":902},{},{"_610":3891,"_616":3894,"_645":3905},{"_612":3892,"_614":3893},[],[],{"_618":3895,"_12":3897,"_149":626,"_627":3898,"_629":3899,"_630":3900,"_635":3902,"_637":791,"_639":3903,"_565":644},{"_616":3896},{"_149":621,"_622":623,"_12":624},"6C6xk0qCjEBlmMU0cQSBjw","2023-10-03T13:47:47.449Z","2025-05-13T13:05:47.117Z",{"_616":3901},{"_12":633,"_149":621,"_622":634},115,{"_616":3904},{"_149":621,"_622":642,"_12":794},{"_7":3906,"_14":3907,"_12":3908,"_798":3909,"_765":3912,"_128":3922},"Fundraising from Insurance: Insurers see path into private debt","Insurers see path into private debt","insurers-see-path-into-private-debt",[3910],{"_616":3911},{"_149":621,"_622":626,"_12":3528},{"_126":3913,"_128":3914,"_139":152},{},[3915],{"_126":3916,"_128":3917,"_139":141},{},[3918],{"_126":3919,"_135":3920,"_137":3921,"_139":140},{},[],"The relative illiquidity of private debt may not appeal to all insurance companies, but the returns and preferential structures provide fertile ground for capital raising.",{"_139":152,"_126":3923,"_128":3924},{},[3925,3941,3947,3955,3967,3973,3981,3997,4003,4011,4027,4033,4041,4053,4059,4067,4075,4086,4094,4101,4109,4116,4124,4140,4146,4154,4166,4172],{"_139":141,"_126":3926,"_128":3927},{},[3928,3932,3937],{"_139":140,"_137":3929,"_135":3930,"_126":3931},"Almost two-thirds (62%) of insurance companies (ICs) already invest in private debt but around a third report no active involvement in the asset class (Fig. 2.1). There is an opportunity here for fund managers seeking to attract new capital providers into the fast-growing asset class. \n\nICs hold 66% of total assets in public fixed income, which is higher than other investors using traditional 60/40 portfolio models (Fig. 1.2). This suggests that this could be fertile ground for private debt capital raising. Among the perceived potential benefits of moving public fixed income allocations to private debt funds are high risk-adjusted returns, cited by 44% of general investors – not just ICs – as a reason for investing in the asset class (Fig. 2.2). A reliable income stream is the most attractive feature of private debt, contrasting with the dominance of equity risk exposures in other alternative asset classes.",[],{},{"_139":140,"_137":3933,"_135":3934,"_126":3936},"\n\nFig. 2.1: Majority of insurance companies already active in private debt",[3935],{"_149":150},{},{"_139":140,"_137":3938,"_135":3939,"_126":3940},"\nInsurance companies by private debt investing policy",[],{},{"_139":1191,"_126":3942,"_128":3946},{"_373":3943},{"_616":3944},{"_12":3945,"_149":621,"_622":626},"601Jlal2xgUswhu27GYvMx",[],{"_139":141,"_126":3948,"_128":3949},{},[3950],{"_139":140,"_137":3568,"_135":3951,"_126":3954},[3952,3953],{"_149":900},{"_149":902},{},{"_139":141,"_126":3956,"_128":3957},{},[3958,3963],{"_139":140,"_137":3959,"_135":3960,"_126":3962},"Fig. 2.2: Reliable income streams the main draw to private debt",[3961],{"_149":150},{},{"_139":140,"_137":3964,"_135":3965,"_126":3966},"\nInstitutional investors' main reasons for investing in selected alternative assets ",[],{},{"_139":1191,"_126":3968,"_128":3972},{"_373":3969},{"_616":3970},{"_12":3971,"_149":621,"_622":626},"4XrB9huBbELw40KqcYMm0q",[],{"_139":141,"_126":3974,"_128":3975},{},[3976],{"_139":140,"_137":2937,"_135":3977,"_126":3980},[3978,3979],{"_149":900},{"_149":902},{},{"_139":141,"_126":3982,"_128":3983},{},[3984,3988,3993],{"_139":140,"_137":3985,"_135":3986,"_126":3987},"The source of ICs’ private debt allocation varies, with 40% reporting it as coming from their private equity allocations (Fig. 2.3). Only 13% report their private debt allocations being separate, suggesting managers should not discount ICs who do not advertise a dedicated allocation to the asset class.",[],{},{"_139":140,"_137":3989,"_135":3990,"_126":3992},"\n\nFig. 2.3: Private debt allocations come from a range of sources",[3991],{"_149":150},{},{"_139":140,"_137":3994,"_135":3995,"_126":3996},"\nInsurance companies' reported source of private debt allocation",[],{},{"_139":1191,"_126":3998,"_128":4002},{"_373":3999},{"_616":4000},{"_12":4001,"_149":621,"_622":626},"7I3eWGFDcpLlccQZOXEA9o",[],{"_139":141,"_126":4004,"_128":4005},{},[4006],{"_139":140,"_137":2877,"_135":4007,"_126":4010},[4008,4009],{"_149":900},{"_149":902},{},{"_139":141,"_126":4012,"_128":4013},{},[4014,4018,4023],{"_139":140,"_137":4015,"_135":4016,"_126":4017},"A regional breakdown reveals that North America has the highest proportion of ICs with a positive private debt investing policy (Fig. 2.4). However, weighting these results by total assets reveals a much larger share of ICs’ overall capital already has exposure to private debt (Fig. 2.5). With the largest ICs in each region already allocating, the opportunity for managers to access ICs is considerable. There seems to be a small but noteworthy portion of capital within Asia ICs that are currently considering private debt allocations – this is a potential source for managers to enable new investors to enter the asset class.",[],{},{"_139":140,"_137":4019,"_135":4020,"_126":4022},"\n\nFig. 2.4: Greater proportion of North America ICs active in private debt",[4021],{"_149":150},{},{"_139":140,"_137":4024,"_135":4025,"_126":4026},"\nInsurers with private debt investment policy by region",[],{},{"_139":1191,"_126":4028,"_128":4032},{"_373":4029},{"_616":4030},{"_12":4031,"_149":621,"_622":626},"2x1ml0N8QA9twTVnaRhUNa",[],{"_139":141,"_126":4034,"_128":4035},{},[4036],{"_139":140,"_137":2877,"_135":4037,"_126":4040},[4038,4039],{"_149":900},{"_149":902},{},{"_139":141,"_126":4042,"_128":4043},{},[4044,4049],{"_139":140,"_137":4045,"_135":4046,"_126":4048},"Fig. 2.5: Largest ICs across regions are most active in private debt",[4047],{"_149":150},{},{"_139":140,"_137":4050,"_135":4051,"_126":4052},"\n Insurers with private debt investing, weighted by capital",[],{},{"_139":1191,"_126":4054,"_128":4058},{"_373":4055},{"_616":4056},{"_12":4057,"_149":621,"_622":626},"4B0PsCx1eH15vkozOTh23T",[],{"_139":141,"_126":4060,"_128":4061},{},[4062],{"_139":140,"_137":2877,"_135":4063,"_126":4066},[4064,4065],{"_149":900},{"_149":902},{},{"_139":1248,"_126":4068,"_128":4069},{},[4070],{"_139":140,"_137":4071,"_135":4072,"_126":4074},"Duration drags ",[4073],{"_149":150},{},{"_139":141,"_126":4076,"_128":4077},{},[4078,4082],{"_139":140,"_137":4079,"_135":4080,"_126":4081},"ICs tied up large parts of their portfolios in fixed-rate government and corporate bonds before rates began to rise, producing duration risk should they be required to liquidate these positions. This should be less of an issue for life insurance firms, whose liabilities have maturity profiles longer than the fixed income assets used to help meet those obligations. As such, we may expect this to restrict the non-life ICs- allocations to private debt more than life insurers. These fixed-return products contrast with the variable-rate basis of much of the private debt asset class, which could help protect real returns in the current environment.\n\nInflation was cited as ICs' top concern by both BlackRock and Goldman Sachs Asset Management in recent surveys. Managers looking to secure capital for higher volatility cash flow strategies can offer favorable returns, but could face resistance due to concerns about undermining the Asset Liability Matching (ALM) ambitions of ICs. Recent polling suggests the most favored private debt strategy among general investors is direct lending, which is a lower-return core strategy. However, distressed debt, while being riskier, was favored by the second highest proportion of respondents, suggesting some investors appreciate the alternative investment tactics private debt funds can support. Distressed debt strategies could in time displace higher-yielding public fixed-income IC allocations. Given ICs’ above-average allocation to fixed-income products in their portfolios, they are arguably better placed than many investors to hold distressed debt exposure as part of broader diversified private debt portfolios.",[],{},{"_139":140,"_137":1178,"_135":4083,"_126":4085},[4084],{"_149":150},{},{"_139":1248,"_126":4087,"_128":4088},{},[4089],{"_139":140,"_137":4090,"_135":4091,"_126":4093},"Helping ICs manage the illiquidity challenge",[4092],{"_149":150},{},{"_139":141,"_126":4095,"_128":4096},{},[4097],{"_139":140,"_137":4098,"_135":4099,"_126":4100},"A trade-off when moving allocations to private debt is illiquidity. A major reason ICs allocate to public fixed income is to deliver on ALM ambitions, via the benefit of public fixed income’s liquidity to manage liabilities. For private debt managers to successfully raise from ICs, they should convey an understanding of this trade-off and help them manage this challenge. Providing clarity on the profile of expected distributions and recurring cash yields may help. As previously discussed, the reliability of income streams is the most influential driver of investor commitments to private debt and may ease concerns about illiquidity of the underlying asset. Further, managers looking to raise for shorter-life funds can downplay this concern, given the briefer period of capital commitment. With the average lifespan of senior debt funds at 7.1 years, according to data from Preqin Pro, those at six years and below can sell their shorter lock-in. \n\nMortgages have attracted increased interest from ICs in recent years, given the higher yields available and potential diversification benefits. These investments are separate from mortgage-backed securities (MBS) products, often involving more direct provision of capital for financing commercial real estate. North America ICs held 8.9% of their total assets in mortgages at the end of 2022, despite these products typically being less liquid than bonds. However, in the first quarter of 2023 the uptake of commercial mortages slowed among life insurers, despite credit quality remaining high – just 0.3% of the commercial mortgages held by life insurers were 90+ days past due.",[],{},{"_139":1248,"_126":4102,"_128":4103},{},[4104],{"_139":140,"_137":4105,"_135":4106,"_126":4108},"Bespoke structures",[4107],{"_149":150},{},{"_139":141,"_126":4110,"_128":4111},{},[4112],{"_139":140,"_137":4113,"_135":4114,"_126":4115},"Private debt offers ICs more freedom than public fixed income to structure loans that anticipate credit risks, helping them actively manage downside risks. Using bespoke covenants can reduce the impact of defaults. Managers can engage ICs on their preferred structuring of deals, helping limit drawdowns in the coming years amid concerns about deteriorating credit profiles. Goldman Sachs Asset Management’s February 2023 survey found appetite for credit risks highest among EMEA and Asia ICs, increasing by net 38 percentage points (ppts) and 28ppts, respectively on results from last year. Americas ICs showed decreased appetite for taking on additional credit risk, with an 11ppt net change. This suggests private debt managers that can best demonstrate their use of bespoke deal structuring to reduce exposure to credit risks could gain more traction from ICs in this region.",[],{},{"_139":1248,"_126":4117,"_128":4118},{},[4119],{"_139":140,"_137":4120,"_135":4121,"_126":4123},"Banking on growth",[4122],{"_149":150},{},{"_139":141,"_126":4125,"_128":4126},{},[4127,4131,4136],{"_139":140,"_137":4128,"_135":4129,"_126":4130},"The share of general investors that think performance in their private debt portfolios will improve over the next 12 months compared to the previous 12 months has more than doubled, from 21% in June 2022 to 53% this year (Fig. 2.6). This suggests that investors are confident in the floating-rate structure of underlying loans during recent monetary tightening. Further, 51% of broader investors report intentions to increase longer-term allocations, the highest of any asset class (Fig. 2.7), compared with 47% in infrastructure and just 25% in real estate. The popularity of private debt more broadly among LPs could reassure ICs on the longer-term prospects for liquidity from fund stake sales in the secondaries market. Indeed, the dominance of real estate in ICs’ alternatives portfolios (see next chapter), alongside 16% of respondents reporting plans to decrease allocations to real estate, provides private debt managers opportunity to convince ICs to reposition capital toward private debt. ",[],{},{"_139":140,"_137":4132,"_135":4133,"_126":4135},"\n\nFig. 2.6: Investor optimism in private debt performance rising in 2023",[4134],{"_149":150},{},{"_139":140,"_137":4137,"_135":4138,"_126":4139},"\nInvestor expectations for the performance of their private debt portfolios in the next 12 months compared with the previous 12 months",[],{},{"_139":1191,"_126":4141,"_128":4145},{"_373":4142},{"_616":4143},{"_12":4144,"_149":621,"_622":626},"3nNYDiGIxHIPJJg59jTBR2",[],{"_139":141,"_126":4147,"_128":4148},{},[4149],{"_139":140,"_137":3114,"_135":4150,"_126":4153},[4151,4152],{"_149":900},{"_149":902},{},{"_139":141,"_126":4155,"_128":4156},{},[4157,4162],{"_139":140,"_137":4158,"_135":4159,"_126":4161},"Fig. 2.7: Strong appetite among LPs for private debt",[4160],{"_149":150},{},{"_139":140,"_137":4163,"_135":4164,"_126":4165},"\nInvestors' intentions for their alternative assets allocations over the longer term",[],{},{"_139":1191,"_126":4167,"_128":4171},{"_373":4168},{"_616":4169},{"_12":4170,"_149":621,"_622":626},"3SHIj9e1yslaAZElTrTnOi",[],{"_139":141,"_126":4173,"_128":4174},{},[4175],{"_139":140,"_137":3737,"_135":4176,"_126":4179},[4177,4178],{"_149":900},{"_149":902},{},{"_610":4181,"_616":4184,"_645":4195},{"_612":4182,"_614":4183},[],[],{"_618":4185,"_12":4187,"_149":626,"_627":4188,"_629":4189,"_630":4190,"_635":4192,"_637":717,"_639":4193,"_565":644},{"_616":4186},{"_149":621,"_622":623,"_12":624},"4Kt6PjvBzye0IG2DRzkWwU","2023-10-03T13:59:04.298Z","2025-05-15T11:04:00.102Z",{"_616":4191},{"_12":633,"_149":621,"_622":634},142,{"_616":4194},{"_149":621,"_622":642,"_12":794},{"_7":4196,"_14":4197,"_12":4198,"_798":4199,"_765":4202,"_128":4212},"Fundraising from Insurance: The appeal of real assets","The appeal of real assets","the-appeal-of-real-assets",[4200],{"_616":4201},{"_149":621,"_622":626,"_12":3528},{"_126":4203,"_128":4204,"_139":152},{},[4205],{"_126":4206,"_128":4207,"_139":141},{},[4208],{"_126":4209,"_135":4210,"_137":4211,"_139":140},{},[],"Inflation has been a primary concern for insurance companies. Delivering protection for real returns is therefore key for fund managers in the space.",{"_139":152,"_126":4213,"_128":4214},{},[4215,4222,4230,4245,4251,4263,4271,4287,4293,4301,4313,4319,4327,4343,4349,4357,4365,4381,4387,4395,4403,4419,4425,4433,4445,4451,4459,4471,4477,4485,4493,4509,4515,4523,4530,4538,4554,4560,4568,4576,4592,4598,4606],{"_139":141,"_126":4216,"_128":4217},{},[4218],{"_139":140,"_137":4219,"_135":4220,"_126":4221},"Real assets make up the bulk of alternative allocations by insurance companies (ICs). In aggregate, this is 12% of the alternatives allocation observed across ICs (Fig. 1.2), real estate constitutes roughly half of this (6%) and infrastructure about a quarter (3%). Exposure to real assets brings benefits for IC portfolios, including higher returns than fixed income and some protection from inflation. \n\nIC respondents to the latest Insurance Survey by Goldman Sachs Asset Management suggested inflation may be even more persistent than many believe, having become structurally embedded because of deglobalization and energy market disruption, as well as the longer-term energy transition. Inflation is front and center for these ICs, and is perceived as the main threat to their portfolios by 55% of respondents, while 52% reported concern over an economic slowdown and recession in the US. This could drive greater allocation in asset classes that offer inflation protection, particularly real assets, if the right defensive exposures can be secured.\n",[],{},{"_139":1248,"_126":4223,"_128":4224},{},[4225],{"_139":140,"_137":4226,"_135":4227,"_126":4229},"Inflation protection from real assets is in the detail",[4228],{"_149":150},{},{"_139":141,"_126":4231,"_128":4232},{},[4233,4237,4242],{"_139":140,"_137":4234,"_135":4235,"_126":4236},"Inflation protection is a primary driver of broad interest in real estate and infrastructure. For both asset classes, 62% of respondents to Preqin’s recent investor survey cited it as the main reason for their allocation (Fig. 3.1). Real assets do offer inflation protection, but the reality can be more mixed than many believe, according to Preqin research. For example, real estate strategies seem to offer strong inflation protection, with value-added strategies boasting the most effective hedge. However, despite the presumption that infrastructure assets broadly offer effective inflation hedges studies show mixed results. Preqin’s analysis aligns with this, although unsmoothed returns at the asset-class level show a positive and statistically significant relationship with the US Producer Price Index (PPI). The lesson for managers is to make a fund’s proposed inflation hedging strategies clear. To secure IC capital, a strong focus and detail on how targeted assets deliver inflation protection would be key.\n\n",[],{},{"_139":140,"_137":4238,"_135":4239,"_126":4241},"Fig. 3.1: Investors' pursuit of inflation hedging in real assets sets them apart",[4240],{"_149":150},{},{"_139":140,"_137":3964,"_135":4243,"_126":4244},[],{},{"_139":1191,"_126":4246,"_128":4250},{"_373":4247},{"_616":4248},{"_12":4249,"_149":621,"_622":626},"4jq15jXacyWymHxNRey4IU",[],{"_139":141,"_126":4252,"_128":4253},{},[4254,4259],{"_139":140,"_137":2937,"_135":4255,"_126":4258},[4256,4257],{"_149":900},{"_149":902},{},{"_139":140,"_137":4260,"_135":4261,"_126":4262},"\n\nThe impact of inflation on real estate is asset dependent. For instance, inflation hurts the value of properties with long-term leases and fixed rates. Properties with short-term leases and/or escalator clauses attached to the contracts will potentially benefit from higher inflation, as contracted payments can be increased with or beyond the rate of realized inflation. So, certain real estate investments act as a hedge against unexpected inflation. Allocators to leveraged properties that are financed with fixed rates would also benefit from higher inflation, as revenue increases while finance costs do not. Allocators to private real estate equities with floating-rate mortgages could suffer from inflation-induced monetary tightening, pushing up financing costs.",[],{},{"_139":1248,"_126":4264,"_128":4265},{},[4266],{"_139":140,"_137":4267,"_135":4268,"_126":4270},"Real estate only accounts for around 6% of insurers’ total assets ",[4269],{"_149":150},{},{"_139":141,"_126":4272,"_128":4273},{},[4274,4278,4283],{"_139":140,"_137":4275,"_135":4276,"_126":4277},"Despite real estate being the most popular asset class in ICs' alternatives allocations, at the aggregate portfolio level, it still makes up a relatively small proportion of total assets (circa 6%). Our recent investor survey found most investors have target allocations of over 10% in real estate, with 46% targeting between 10% and 19.9% and 11% targeting 20% and higher. Looking specifically at ICs' actual allocation, which would be expected to be lower than broader targets, more than three-quarters (77%) of ICs allocate 9% or less to real estate, and 49% allocate 3% or less (Fig. 3.2). When weighted by total assets, the proportion of ICs in the lowest band of allocations (0-3%) is even higher, at 55% (Fig. 3.3) – suggesting larger ICs have less appetite for private real estate. This may result from stricter regulations on larger institutions that disincentivize allocation to asset classes deemed riskier by prudential authorities. Such allocations often require capital buffers to compensate for exposure to the higher risk and illiquidity of private capital real assets. It may also result from scale bringing a greater ability to go more direct in terms of mortgage provision into commercial real estate – this could limit the appetite for real asset debt funds if in-house capabilities have been developed in larger ICs. Infrastructure too has lower penetration in IC portfolios, with 63% reporting allocations of 3% or lower.\n\n",[],{},{"_139":140,"_137":4279,"_135":4280,"_126":4282},"Fig. 3.2: Broad spread in real estate allocations across ICs",[4281],{"_149":150},{},{"_139":140,"_137":4284,"_135":4285,"_126":4286},"\nInsurance company real estate allocations",[],{},{"_139":1191,"_126":4288,"_128":4292},{"_373":4289},{"_616":4290},{"_12":4291,"_149":621,"_622":626},"6qVZmJW2HcZDvHdpKTrQZd",[],{"_139":141,"_126":4294,"_128":4295},{},[4296],{"_139":140,"_137":2877,"_135":4297,"_126":4300},[4298,4299],{"_149":900},{"_149":902},{},{"_139":141,"_126":4302,"_128":4303},{},[4304,4309],{"_139":140,"_137":4305,"_135":4306,"_126":4308},"Fig. 3.3: Larger insurers have lower real estate allocations",[4307],{"_149":150},{},{"_139":140,"_137":4310,"_135":4311,"_126":4312},"\nInsurance company real estate allocations weighted by total assets (%)",[],{},{"_139":1191,"_126":4314,"_128":4318},{"_373":4315},{"_616":4316},{"_12":4317,"_149":621,"_622":626},"6RoBGxnCOmwScGOmo68FHE",[],{"_139":141,"_126":4320,"_128":4321},{},[4322],{"_139":140,"_137":2877,"_135":4323,"_126":4326},[4324,4325],{"_149":900},{"_149":902},{},{"_139":141,"_126":4328,"_128":4329},{},[4330,4334,4339],{"_139":140,"_137":4331,"_135":4332,"_126":4333},"Europe has the highest share of ICs reporting investment in real estate (88%), compared with North America and Asia (81%) (Fig. 3.4). This is not what might be expected, given the amount of North America-based assets under management (AUM) in the asset class. But it is consistent with the analysis of Solvency II in Preqin 2022: Alternatives in Europe, which revealed that Europe-based ICs had consistently higher target and actual allocations to real estate than those in other regions, averaging 8.9% and 5.7%, respectively, between 2013 and 2022. Infrastructure allocations were much smaller for Europe ICs, averaging just 1.9% target and 0.9% actual over the same period.",[],{},{"_139":140,"_137":4335,"_135":4336,"_126":4338},"\n\nFig. 3.4: More Europe ICs pursuing real estate",[4337],{"_149":150},{},{"_139":140,"_137":4340,"_135":4341,"_126":4342},"\nProportion of insurance companies by real estate investing policy and region",[],{},{"_139":1191,"_126":4344,"_128":4348},{"_373":4345},{"_616":4346},{"_12":4347,"_149":621,"_622":626},"6GqSgjeCF1hJ1UgXxDFxhF",[],{"_139":141,"_126":4350,"_128":4351},{},[4352],{"_139":140,"_137":2877,"_135":4353,"_126":4356},[4354,4355],{"_149":900},{"_149":902},{},{"_139":1248,"_126":4358,"_128":4359},{},[4360],{"_139":140,"_137":4361,"_135":4362,"_126":4364},"ICs may be looking to exit their direct real estate exposures",[4363],{"_149":150},{},{"_139":141,"_126":4366,"_128":4367},{},[4368,4372,4377],{"_139":140,"_137":4369,"_135":4370,"_126":4371},"Listed real estate is the least popular route to market for ICs. Just 35% cited this as the way in which they invested in real estate (Fig. 3.5). Direct investment is marginally more popular than via allocation to private funds, with 78% and 71% of ICs, respectively, citing these methods. Some ICs may be looking to exit their direct real estate exposures, given the challenges facing some sectors, such as offices, which has been a mainstay of the asset class. Some ICs lack diversification in their real estate portfolios, particularly those without in-house expertise to keep their direct portfolios in line with sectoral shifts, such as the rise of industrial assets in recent years. Those private managers able to re-allocate capital to different real estate sectors may then have the opportunity to deploy the capital divested from office investments into residential or industrial.\n\n",[],{},{"_139":140,"_137":4373,"_135":4374,"_126":4376},"Fig. 3.5: Direct real estate investment most popular route to market",[4375],{"_149":150},{},{"_139":140,"_137":4378,"_135":4379,"_126":4380},"\nProportion of insurers investing in real estate by route to market",[],{},{"_139":1191,"_126":4382,"_128":4386},{"_373":4383},{"_616":4384},{"_12":4385,"_149":621,"_622":626},"2MvWrR071YnlcNY8FgxR45",[],{"_139":141,"_126":4388,"_128":4389},{},[4390],{"_139":140,"_137":2877,"_135":4391,"_126":4394},[4392,4393],{"_149":900},{"_149":902},{},{"_139":1248,"_126":4396,"_128":4397},{},[4398],{"_139":140,"_137":4399,"_135":4400,"_126":4402},"Interest rates are the primary concern for return generation",[4401],{"_149":150},{},{"_139":141,"_126":4404,"_128":4405},{},[4406,4410,4415],{"_139":140,"_137":4407,"_135":4408,"_126":4409},"Real estate is going through a correction. In our recent survey, 78% of real estate investors cited interest rates as the primary concern for return generation over the next 12 months, compared with only 10% in June 2020. Meanwhile, 68% cited asset valuations as the primary challenge (Fig. 3.7). The asset class relies on physical assets as collateral to raise debt and help return generation, so high interest rates are a threat to valuations now, and performance in the longer term. In June of this year, 56% of investors cited real estate asset valuations being lower than 12 months ago, compared with just 23% stating the same a year earlier (Fig. 3.8). While this is bad news for current investors, real estate assets that match the longer investment horizons of ICs could return to favor. ",[],{},{"_139":140,"_137":4411,"_135":4412,"_126":4414},"\n\nFig. 3.6: Co-investment and JVs more popular than separate accounts",[4413],{"_149":150},{},{"_139":140,"_137":4416,"_135":4417,"_126":4418},"\nProportion of insurers' capital by investment policy on real estate investment route",[],{},{"_139":1191,"_126":4420,"_128":4424},{"_373":4421},{"_616":4422},{"_12":4423,"_149":621,"_622":626},"2D30LP4sYDhKyLjvDLCJxN",[],{"_139":141,"_126":4426,"_128":4427},{},[4428],{"_139":140,"_137":2877,"_135":4429,"_126":4432},[4430,4431],{"_149":900},{"_149":902},{},{"_139":141,"_126":4434,"_128":4435},{},[4436,4441],{"_139":140,"_137":4437,"_135":4438,"_126":4440},"Fig. 3.7: Interest rates now primary challenge to return generation",[4439],{"_149":150},{},{"_139":140,"_137":4442,"_135":4443,"_126":4444},"\nReal estate investor views on the key challenges for the next 12 months",[],{},{"_139":1191,"_126":4446,"_128":4450},{"_373":4447},{"_616":4448},{"_12":4449,"_149":621,"_622":626},"6Py2zmChTzZYJnCDINgq97",[],{"_139":141,"_126":4452,"_128":4453},{},[4454],{"_139":140,"_137":2877,"_135":4455,"_126":4458},[4456,4457],{"_149":900},{"_149":902},{},{"_139":141,"_126":4460,"_128":4461},{},[4462,4467],{"_139":140,"_137":4463,"_135":4464,"_126":4466},"Fig. 3.8: Real estate asset valuations perceived as correcting",[4465],{"_149":150},{},{"_139":140,"_137":4468,"_135":4469,"_126":4470},"\nReal estate investor views on portfolio company/asset pricing compared with\n12 months ago",[],{},{"_139":1191,"_126":4472,"_128":4476},{"_373":4473},{"_616":4474},{"_12":4475,"_149":621,"_622":626},"7itmWOPAgeYJEDbJS1p1JD",[],{"_139":141,"_126":4478,"_128":4479},{},[4480],{"_139":140,"_137":2877,"_135":4481,"_126":4484},[4482,4483],{"_149":900},{"_149":902},{},{"_139":1248,"_126":4486,"_128":4487},{},[4488],{"_139":140,"_137":4489,"_135":4490,"_126":4492},"More Asia ICs have positive infrastructure investment policies",[4491],{"_149":150},{},{"_139":141,"_126":4494,"_128":4495},{},[4496,4500,4505],{"_139":140,"_137":4497,"_135":4498,"_126":4499},"At 64%, a higher share of Asia ICs have positive infrastructure investment policies than those in North America (Fig. 3.9). This may reflect the greater demand for new infrastructure investment in Asia, where many economies exhibit high growth. What's more, regional authorities encourage some ICs to invest in local projects to support development, although this can also be driven by concerns about forex exchange risks. To harness capital from this region, managers might use geographic mandates to meet their ambitions beyond strategic asset allocations.",[],{},{"_139":140,"_137":4501,"_135":4502,"_126":4504},"\n\nFig. 3.9: Asia has highest proportion of ICs investing in infrastructure",[4503],{"_149":150},{},{"_139":140,"_137":4506,"_135":4507,"_126":4508},"\nInsurance companies by infrastructure investing policy and region",[],{},{"_139":1191,"_126":4510,"_128":4514},{"_373":4511},{"_616":4512},{"_12":4513,"_149":621,"_622":626},"531ofqOacrmd0nxffr1j70",[],{"_139":141,"_126":4516,"_128":4517},{},[4518],{"_139":140,"_137":2877,"_135":4519,"_126":4522},[4520,4521],{"_149":900},{"_149":902},{},{"_139":141,"_126":4524,"_128":4525},{},[4526],{"_139":140,"_137":4527,"_135":4528,"_126":4529},"Managers should still acknowledge the risks of current over-exposure of investors between regions. Preqin 2022: Alternatives in APAC highlighted how investors generally in the APAC region exhibit over-allocation to infrastructure, unlike those in other regions. Before approaching ICs, some managers may focus due diligence on the target and actual allocations of investors to concentrate on those with the greatest need to increase exposure.\n",[],{},{"_139":1248,"_126":4531,"_128":4532},{},[4533],{"_139":140,"_137":4534,"_135":4535,"_126":4537},"ICs appear comfortable with illiquidity premiums aiding longer-term returns ",[4536],{"_149":150},{},{"_139":141,"_126":4539,"_128":4540},{},[4541,4545,4550],{"_139":140,"_137":4542,"_135":4543,"_126":4544},"A minority (22%) of ICs investing in infrastructure are using listed vehicles, similar to real estate, while 89% cite using private and the same for direct investments (Fig. 3.10). This preference for less liquid exposures to real estate and infrastructure via private and direct investments suggests ICs are comfortable with them and with illiquidity premiums aiding longer-term returns. Further, managers should not underestimate the appetite for illiquid exposures in asset classes with low correlation to existing investments in their portfolios. The dominance of public fixed-income holdings in ICs' portfolios provides considerable liquidity at the portfolio level but can constrain diversification benefits.\n\n",[],{},{"_139":140,"_137":4546,"_135":4547,"_126":4549},"Fig. 3.10: Direct and private routes into infrastructure more popular than listed",[4548],{"_149":150},{},{"_139":140,"_137":4551,"_135":4552,"_126":4553},"\nInsurance companies by infrastructure investing policy and route to market",[],{},{"_139":1191,"_126":4555,"_128":4559},{"_373":4556},{"_616":4557},{"_12":4558,"_149":621,"_622":626},"5NqmbipQ2bEXAy02XVJNyk",[],{"_139":141,"_126":4561,"_128":4562},{},[4563],{"_139":140,"_137":2877,"_135":4564,"_126":4567},[4565,4566],{"_149":900},{"_149":902},{},{"_139":1248,"_126":4569,"_128":4570},{},[4571],{"_139":140,"_137":4572,"_135":4573,"_126":4575},"Challenges in real estate may force ICs to re-adjust their allocations",[4574],{"_149":150},{},{"_139":141,"_126":4577,"_128":4578},{},[4579,4583,4588],{"_139":140,"_137":4580,"_135":4581,"_126":4582},"While prudential regulators may curtail ICs' appetite to increase their real asset allocations through punitive capital charges for illiquid positions, most ICs are already active in private real estate. However, this asset class is facing unprecedented challenges, particularly in the offices sector. This will no doubt lead to some ICs wanting to re-adjust their allocations, especially direct holdings. This presents opportunities for both real estate and infrastructure managers to assist ICs reallocate capital to new sectors to offer better longer-term return prospects.\n\nThis opportunity may be more limited for infrastructure, based on IC allocation targets for the asset class. While we may observe some ICs adjusting their targets up to reflect the opportunities from the energy transition, in our recent poll the share of general investors planning to increase longer-term infrastructure allocations decreased between 2022 and 2023, down 12 percentage points (ppts) to 47% (Fig. 3.11). Managers looking to raise capital from ICs for real asset strategies need to appreciate the regulatory frameworks to which these investors must adhere. The most successful will stress the liquidity options available and show willing to flex with the rules to create mandates that won’t require excessive capital buffers.",[],{},{"_139":140,"_137":4584,"_135":4585,"_126":4587},"\n\nFig. 3.11: Pull back in investor appetite to increase infrastructure allocations",[4586],{"_149":150},{},{"_139":140,"_137":4589,"_135":4590,"_126":4591},"\nInvestors’ intentions for their infrastructure allocations over the longer term",[],{},{"_139":1191,"_126":4593,"_128":4597},{"_373":4594},{"_616":4595},{"_12":4596,"_149":621,"_622":626},"8b7DxQGEsVQDFqdxkiJCA",[],{"_139":141,"_126":4599,"_128":4600},{},[4601],{"_139":140,"_137":2877,"_135":4602,"_126":4605},[4603,4604],{"_149":900},{"_149":902},{},{"_139":141,"_126":4607,"_128":4608},{},[4609],{"_139":140,"_137":570,"_135":4610,"_126":4611},[],{},{"_610":4613,"_616":4616,"_645":4627},{"_612":4614,"_614":4615},[],[],{"_618":4617,"_12":4619,"_149":626,"_627":4620,"_629":4621,"_630":4622,"_635":4624,"_637":662,"_639":4625,"_565":644},{"_616":4618},{"_149":621,"_622":623,"_12":624},"6PTE34n9Vm8JwzlQwbMDYg","2023-10-03T14:04:52.858Z","2025-05-20T15:19:48.511Z",{"_616":4623},{"_12":633,"_149":621,"_622":634},28,{"_616":4626},{"_149":621,"_622":642,"_12":794},{"_7":4628,"_14":4629,"_12":4630,"_798":4631,"_765":4634,"_128":4644},"Fundraising from Insurance: Regulatory trajectory and prudential attention ","Regulatory trajectory and prudential attention ","regulatory-trajectory-and-prudential-attention",[4632],{"_616":4633},{"_149":621,"_622":626,"_12":3528},{"_126":4635,"_128":4636,"_139":152},{},[4637],{"_126":4638,"_128":4639,"_139":141},{},[4640],{"_126":4641,"_135":4642,"_137":4643,"_139":140},{},[],"A move toward Solvency II style regulation globally poses a challenge for riskier asset classes, but reforms may become more accommodating to meet government ambitions.",{"_139":152,"_126":4645,"_128":4646},{},[4647,4690,4696],{"_139":141,"_126":4648,"_128":4649},{},[4650,4654,4659,4663,4668,4672,4677,4681,4686],{"_139":140,"_137":4651,"_135":4652,"_126":4653},"The regulatory context for insurance companies (ICs) is fundamental to understanding their potential as sources of capital for alternatives strategies. The illiquidity of IC positions is a key concern for regulators, who typically insist that cash buffers are set aside on illiquid investments to cover unexpectedly high liabilities on policies. As such, allocations to private capital assets can become costly for ICs, in terms of the additional cash holdings required to take positions above and beyond the capital drawn by funds. This is a long-term constraint on ICs’ ability to allocate to private capital, as risk-based frameworks akin to Europe’s Solvency II regime become more common globally. Solvency II is sometimes referred to as Basel for insurers as the rules include restrictions like those on the proportion of bank balance sheets that can be tied up in illiquid assets.\n\n",[],{},{"_139":140,"_137":4655,"_135":4656,"_126":4658},"Solvency II – a European model and a global benchmark\n",[4657],{"_149":150},{},{"_139":140,"_137":4660,"_135":4661,"_126":4662},"By imposing the Solvency II Directive, the European Commission (EC) sought to create a unified single insurance market and enhance customer protection. By providing an EU passport, the intention was that insurers would be able to operate across all Member States, and so increase competition. However, in reality many EU members added their own state-level requirements, reducing the overarching policy ambitions of a common standard across the bloc.\n\nThe Directive’s relevance to private capital markets stems from the capital requirements it places on investment from insurers. These requirements can limit the proportion of an investor’s portfolio that can be invested in illiquid assets. The main reason for this is that private infrastructure and real estate deployment has the potential to tie capital up in the long term, reducing liquidity across portfolios, when insurers may need it to meet future claims.\n",[],{},{"_139":140,"_137":4664,"_135":4665,"_126":4667},"\nReforming reforms\n",[4666],{"_149":150},{},{"_139":140,"_137":4669,"_135":4670,"_126":4671},"Even as the Solvency II Directive came into force, the EC acknowledged the disincentive inherent within the framework for ICs to invest in infrastructure, an increasingly strategic policy goal for European authorities given the need to decarbonize energy systems and displace reliance on Russian hydrocarbons. Consequently, it attempted to create a framework that would reduce the amount of capital these investors must hold against the debt and equity of qualifying infrastructure projects. These proposals sought to draw distinctions between infrastructure projects, helping to lower capital buffers for investments in projects with preferred risk characteristics.\n\n",[],{},{"_139":140,"_137":4673,"_135":4674,"_126":4676},"Reflecting on risk\n",[4675],{"_149":150},{},{"_139":140,"_137":4678,"_135":4679,"_126":4680},"This approach may work for core and even core-plus infrastructure strategies that tend to have lower risk profiles and can meet the requirement for cash flows to be sufficiently predictable to withstand stressed conditions. These would include projects with contractual structures that transfer market risk via mechanisms such as contracts for difference in renewable energy, power purchase agreements (PPAs), or even lower risk public-private-partnerships contracts, with government off-takes for serviced-asset provision. However, this approach may not work for the significant share of the real assets represented by higher-risk value-added funds. These funds are more willing to take volume and pricing risk on energy generation and may fall outside the parameters laid out by the proposed revisions to the Directive. Managers raising for funds with higher-risk strategies may encounter hesitance as ICs consider how their commitments would be treated in continually developing regulatory rules. This is in contrast to most investors who, when asked if regulatory frameworks restrict their allocations to real assets, 60% reported that it would not (Fig. 4.1).\n",[],{},{"_139":140,"_137":4682,"_135":4683,"_126":4685},"\nFig. 4.1: Regulation not a constraint for all investor types",[4684],{"_149":150},{},{"_139":140,"_137":4687,"_135":4688,"_126":4689},"\nHow do investors' regulatory frameworks restrict allocations to real assets such as real estate and infrastructure?",[],{},{"_139":1191,"_126":4691,"_128":4695},{"_373":4692},{"_616":4693},{"_12":4694,"_149":621,"_622":626},"1Yd7xCAasAfCPJQRugaS8P",[],{"_139":141,"_126":4697,"_128":4698},{},[4699,4705,4709,4714],{"_139":140,"_137":4700,"_135":4701,"_126":4704},"Source: Preqin Investor Surveys, June 2023\n",[4702,4703],{"_149":900},{"_149":902},{},{"_139":140,"_137":4706,"_135":4707,"_126":4708},"\nMonitoring regulatory changes can help managers in the formation of their fundraising strategy in line with regional deployment plans. Real asset debt strategies should benefit from a framework that distinguishes between the risk profiles of investments, allowing ICs to commit with more confidence to these funds.\n\nWe saw in earlier analysis how the imposition of the Solvency II framework coincided with an increase in Europe IC allocations to infrastructure, with median target allocations increasing from 1.2% in 2015 to 2.5% in 2018. This followed the imposition of the Directive, perhaps because the clarity it provided on how such assets will be treated had the effect of reducing regulatory uncertainty, allowing ICs in the region to pursue higher target allocations. As such, any global roll-out of Solvency-II-style, risk-based regulation may provide ICs with greater clarity on the longer-term treatment of private capital allocations, allowing expansion, albeit to firmer upper limits. However, in some markets, regulation may cause divestment in the riskier asset classes, with evidence that Japanese ICs may be required to reduce higher-than-typical private equity exposures, or else risk considerable capital charges.\n\n",[],{},{"_139":140,"_137":4710,"_135":4711,"_126":4713},"Liability-driven investments are in the spotlight",[4712],{"_149":150},{},{"_139":140,"_137":4715,"_135":4716,"_126":4717},"\nOne recent case that heightened concern from prudential authorities included the impact of the delivery of the mini budget by the late-2022 UK Government under then Prime Minister Liz Truss. Viewed by the market as unsustainable, the budget announcement induced sharp increases in government bond yields. This drove owners of liability-driven investment (LDI) products, often held particularly by defined-benefit pension funds, to make collateral calls to restock the cash buffers required to meet the liabilities of leveraged positions. This forced some pension funds to sell out significant gilt positions, further reducing prices and contributing to a vicious cycle. The situation threatened the solvency of major pension plans and forced the hand of the Bank of England. While of more concern to pensions, this caught the attention of regulators globally and stoked assessments by some of the use of LDIs. An International Monetary Fund paper on lessons to be learnt from this event stressed the relevance of the topic for the non-bank financial institution sector in other countries. While ICs are less active users of LDI products, these events will heighten regulators' enthusiasm for oversight of derivatives and hedging of positions by investors. \n\nWhile mainly constrained to the UK market, the Financial Conduct Authority (FCA) described this event in its reporting to the parliamentary Work and Pensions Select Committee as an ‘extraordinary shock’, adding ‘we agree …. there is a need for urgent international action to identify and reduce risks in non-bank finance, wider than in relation to LDI alone’. Managers looking to secure capital from ICs need to reflect on the implications for their potential client in allocations to private markets from a regulatory point of view, and where possible, help to accommodate them. Communicating the importance of this and structuring funds in a way that can help ease regulatory burdens could be critical for successfully securing commitments.",[],{},{"_616":4719},{"_149":2477,"_622":2478,"_2479":4720},"crn:contentful:::content:spaces/cvkib8eusqun/entries/55UZks0p1faHvz8eLV2nOh",{"_616":4722},{"_149":2477,"_622":2478,"_2479":4723},"crn:contentful:::content:spaces/cvkib8eusqun/entries/5IhnuebD05cx1yzEaMRtgm",{"_610":4725,"_616":4744,"_645":4755},{"_612":4726,"_614":4743},[4727,4729,4731,4733,4735,4737,4739,4741],{"_616":4728},{"_149":621,"_622":954,"_12":955},{"_616":4730},{"_149":621,"_622":954,"_12":958},{"_616":4732},{"_149":621,"_622":954,"_12":961},{"_616":4734},{"_149":621,"_622":954,"_12":964},{"_616":4736},{"_149":621,"_622":954,"_12":967},{"_616":4738},{"_149":621,"_622":954,"_12":970},{"_616":4740},{"_149":621,"_622":954,"_12":973},{"_616":4742},{"_149":621,"_622":954,"_12":991},[],{"_618":4745,"_12":4747,"_149":626,"_627":4748,"_629":4749,"_630":4750,"_635":4752,"_637":791,"_639":4753,"_565":644},{"_616":4746},{"_149":621,"_622":623,"_12":624},"72UH3M1mVvfNrbSWaoW5kK","2023-10-25T15:59:26.872Z","2024-01-26T15:51:19.836Z",{"_616":4751},{"_12":633,"_149":621,"_622":634},26,{"_616":4754},{"_149":621,"_622":642,"_12":599},{"_7":2902,"_14":2902,"_604":4756,"_606":4757,"_608":4758,"_650":4774,"_705":4774,"_742":4809,"_765":4824,"_776":4842,"_2474":4875,"_2481":4878,"_909":2485,"_926":4881},"preqin-investor-outlook-alternative-assets-h2-2023","2023-08-22T08:00+01:00",{"_610":4759,"_616":4762,"_645":4771},{"_612":4760,"_614":4761},[],[],{"_618":4763,"_12":4765,"_149":626,"_627":4766,"_629":4766,"_630":4767,"_635":636,"_637":638,"_639":4769,"_565":644},{"_616":4764},{"_149":621,"_622":623,"_12":624},"5aMkJYVOUQpK8pQPhbdBZL","2023-09-26T11:50:54.575Z",{"_616":4768},{"_12":633,"_149":621,"_622":634},{"_616":4770},{"_149":621,"_622":642,"_12":643},{"_369":4772,"_648":4773},"Investor Outlook","/insights/research/investor-outlooks/",{"_610":4775,"_616":4778,"_645":4787},{"_612":4776,"_614":4777},[],[],{"_618":4779,"_12":4781,"_149":626,"_627":4782,"_629":4782,"_630":4783,"_635":636,"_637":638,"_639":4785,"_565":644},{"_616":4780},{"_149":621,"_622":623,"_12":624},"3pUL7k4kkzwPZgUrp3cdAB","2023-10-25T15:59:27.004Z",{"_616":4784},{"_12":633,"_149":621,"_622":634},{"_616":4786},{"_149":621,"_622":642,"_12":665},{"_7":2902,"_14":2902,"_668":2902,"_669":4788},{"_610":4789,"_616":4792,"_645":4799},{"_612":4790,"_614":4791},[],[],{"_618":4793,"_12":4795,"_149":678,"_627":4796,"_629":4796,"_630":4797,"_635":662,"_637":638,"_565":644},{"_616":4794},{"_149":621,"_622":623,"_12":624},"2k2TNDQ4sbt9I2LJ7BFTRs","2023-10-03T10:09:58.59Z",{"_616":4798},{"_12":633,"_149":621,"_622":634},{"_14":4800,"_685":4801},"Investor-outlook-h1-2023-Tile-367d9ec5-bd74-40d2-bcb8-8f6f213c05fa",{"_15":4802,"_688":4803,"_698":4808,"_639":700},"//images.ctfassets.net/v9b2vtxh984q/2k2TNDQ4sbt9I2LJ7BFTRs/36c526bcc516a982b3c87ee23ea10e0b/Investor-outlook-h1-2023-Tile-367d9ec5-bd74-40d2-bcb8-8f6f213c05fa.png",{"_690":4804,"_692":4805},76911,{"_694":4806,"_696":4807},1372,539,"Investor-outlook-h1-2023-Tile-367d9ec5-bd74-40d2-bcb8-8f6f213c05fa.png",{"_610":4810,"_616":4813,"_645":4822},{"_612":4811,"_614":4812},[],[],{"_618":4814,"_12":4816,"_149":626,"_627":4817,"_629":4817,"_630":4818,"_635":682,"_637":638,"_639":4820,"_565":644},{"_616":4815},{"_149":621,"_622":623,"_12":624},"4XczWNgu4kAuz6v3ukwkN0","2023-10-25T15:59:27.043Z",{"_616":4819},{"_12":633,"_149":621,"_622":634},{"_616":4821},{"_149":621,"_622":642,"_12":758},{"_760":2902,"_3485":4823,"_1111":2902,"_3487":4823},"Read for a comprehensive analysis of the alternative assets landscape, highlighting key trends and opportunities for managers.",{"_126":4825,"_128":4826,"_139":152},{},[4827],{"_126":4828,"_128":4829,"_139":141},{},[4830,4834,4838],{"_126":4831,"_135":4832,"_137":4833,"_139":140},{},[],"Read ",{"_126":4835,"_135":4836,"_137":2902,"_139":140},{},[4837],{"_149":900},{"_126":4839,"_135":4840,"_137":4841,"_139":140},{},[]," for a comprehensive analysis of the alternative assets landscape, highlighting key trends and opportunities for managers.",[4843],{"_610":4844,"_616":4847,"_645":4856},{"_612":4845,"_614":4846},[],[],{"_618":4848,"_12":4850,"_149":626,"_627":4851,"_629":4851,"_630":4852,"_635":791,"_637":638,"_639":4854,"_565":644},{"_616":4849},{"_149":621,"_622":623,"_12":624},"67idWApZvs95hZbxO12C8m","2023-10-25T15:48:42.544Z",{"_616":4853},{"_12":633,"_149":621,"_622":634},{"_616":4855},{"_149":621,"_622":642,"_12":794},{"_7":4857,"_14":2902,"_12":4756,"_128":4858},"Preqin Investor Outlook: Alternative Assets, H2 2023 main content",{"_139":152,"_126":4859,"_128":4860},{},[4861,4868],{"_139":141,"_126":4862,"_128":4863},{},[4864],{"_139":140,"_137":4865,"_135":4866,"_126":4867},"Challenges still remain at the time of our June 2023 investor survey, with the main concern from investors being interest rates, the exit environment, and valuations. The denominator effect has played a part in influencing capital allocation decisions, but this may have not played as big a part as expected. Private equity and venture capital are less favored than last year due to valuations and the exit environment weighing these asset classes down, but the long-term outlook remains bullish. Private debt and infrastructure still garner the most interest from investors, with 45% and 41% looking to deploy more capital to these asset classes over the next 12 months.",[],{},{"_139":141,"_126":4869,"_128":4870},{},[4871],{"_139":140,"_137":4872,"_135":4873,"_126":4874},"Download the PDF and data pack above.",[],{},{"_616":4876},{"_149":2477,"_622":2478,"_2479":4877},"crn:contentful:::content:spaces/cvkib8eusqun/entries/34RrrqvifxXHdqGJJ8UEsG",{"_616":4879},{"_149":2477,"_622":2478,"_2479":4880},"crn:contentful:::content:spaces/cvkib8eusqun/entries/3CAxx1rd5yQjrxDLb1E7fy",{"_610":4882,"_616":4885,"_645":4896},{"_612":4883,"_614":4884},[],[],{"_618":4886,"_12":4888,"_149":626,"_627":4889,"_629":4890,"_630":4891,"_635":4893,"_637":662,"_639":4894,"_565":644},{"_616":4887},{"_149":621,"_622":623,"_12":624},"3MAcyWxrCqsd1WWYi1NtzF","2023-10-25T14:18:47.986Z","2023-10-25T14:20:11.076Z",{"_616":4892},{"_12":633,"_149":621,"_622":634},12,{"_616":4895},{"_149":621,"_622":642,"_12":943},{"_7":4897,"_14":4898,"_128":4899,"_2555":2556},"Preqin Investor Outlook: Alternative Assets, H2 2023 Carousel","Related Articles",[4900,4996,4999,5002,5005],{"_610":4901,"_616":4941,"_645":4952},{"_612":4902,"_614":4940},[4903,4905,4907,4909,4911,4913,4915,4917,4919,4921,4924,4926,4929,4932,4935,4938],{"_616":4904},{"_149":621,"_622":954,"_12":955},{"_616":4906},{"_149":621,"_622":954,"_12":958},{"_616":4908},{"_149":621,"_622":954,"_12":961},{"_616":4910},{"_149":621,"_622":954,"_12":964},{"_616":4912},{"_149":621,"_622":954,"_12":967},{"_616":4914},{"_149":621,"_622":954,"_12":970},{"_616":4916},{"_149":621,"_622":954,"_12":973},{"_616":4918},{"_149":621,"_622":954,"_12":976},{"_616":4920},{"_149":621,"_622":954,"_12":982},{"_616":4922},{"_149":621,"_622":954,"_12":4923},"fundTypeEsg",{"_616":4925},{"_149":621,"_622":954,"_12":991},{"_616":4927},{"_149":621,"_622":954,"_12":4928},"themeIndustryAum",{"_616":4930},{"_149":621,"_622":954,"_12":4931},"themeIndustryOverview",{"_616":4933},{"_149":621,"_622":954,"_12":4934},"useCaseDeals",{"_616":4936},{"_149":621,"_622":954,"_12":4937},"useCaseFundPerformance",{"_616":4939},{"_149":621,"_622":954,"_12":3451},[],{"_618":4942,"_12":4944,"_149":626,"_627":4945,"_629":4946,"_630":4947,"_635":1136,"_637":636,"_639":4949,"_565":644},{"_616":4943},{"_149":621,"_622":623,"_12":624},"3OR2buLGt9xvWXCrszjnZ7","2023-09-27T16:09:06.391Z","2024-07-10T08:23:25.366Z",{"_616":4948},{"_12":633,"_149":621,"_622":634},{"_616":4950},{"_149":621,"_622":642,"_12":4951},"articleNew",{"_7":4953,"_14":4953,"_604":4954,"_606":4955,"_608":4758,"_650":4956,"_705":4957,"_760":4953,"_3485":4958,"_762":763,"_764":763,"_765":4968,"_4977":4978,"_4988":570,"_2481":4989,"_4990":4991,"_909":2485,"_4992":4993,"_4994":4995},"Preqin Investor Outlook: Alternative Assets, H1 2023","preqin-investor-outlook-alternative-assets-h1-2023","2023-03-15","//images.ctfassets.net/v9b2vtxh984q/1XIyyqo3AlIcxFHGP3SPlj/5ac29291679985136b3de13bf97b40fb/Investor-outlook-h1-2023-Cover-542a82f9-c6f0-499a-872c-28bd79659598.png","//images.ctfassets.net/v9b2vtxh984q/3QjiP6GOVPLYeoZ4lu47Vr/ffcac1908b1b8d954728977fda00fb46/Investor-outlook-h1-2023-Tile-27d99988-bd83-4949-a935-479e96436064.png",{"_126":4959,"_128":4960,"_139":152},{},[4961],{"_126":4962,"_128":4963,"_139":141},{},[4964],{"_126":4965,"_135":4966,"_137":4967,"_139":140},{},[],"Our comprehensive analysis of the alternative assets landscape, highlighting key trends and opportunities for managers.",{"_126":4969,"_128":4970,"_139":152},{},[4971],{"_126":4972,"_128":4973,"_139":141},{},[4974],{"_126":4975,"_135":4976,"_137":4967,"_139":140},{},[],"contents",{"_126":4979,"_128":4980,"_139":152},{},[4981],{"_126":4982,"_128":4983,"_139":141},{},[4984],{"_126":4985,"_135":4986,"_137":4987,"_139":140},{},[],"

At the time of our November 2022 investor survey, the alternative asset classes were facing a complex and rapidly evolving market environment across investor portfolios. Rising interest rates, inflation, and concern over valuations present both opportunities and challenges for generating returns. While valuations are a main concern of venture capital investors, the exit environment is an even bigger issue, as told by 75% of the investors surveyed. Despite these challenges, investors believe alternative assets will continue to play a significant role in their portfolios, with 35% planning to increase their capital investments over the next 12 months.

Read Preqin Investor Outlook: Alternative Assets, H1 2023 for a comprehensive analysis of the alternative assets landscape, highlighting key trends and opportunities for managers.

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Markets in Latin America have felt significant volatility in recent years due to deteriorating geopolitical and macroeconomic conditions. As a result, investors shifted their attention to international markets for stability.

But not all is lost. Download Fundraising from Latin America: A guide to raising capital to discover the untapped potential of the region, including the golden opportunities for international GPs to raise capital through its pensions and private wealth.

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An industry moving beyond fundraising from institutional investors

The private wealth industry is increasingly attracting GPs based on potential untapped pools of capital and investors who may not previously have had exposure to alternative investments. As investors approach their long-term strategic asset-allocation targets, GPs are starting to pivot their fundraising efforts toward the non-institutional space and the private wealth industry in particular.

Our Fundraising from Private Wealth: A guide to raising capital report is the latest in Preqin's capital raising guide series, and examines the opportunities and challenges in this burgeoning space. Read our assessment of the size of this market and the emerging new distribution channels providing access to it, as well as the regulatory environment that supports the industry.

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While Japan investors are increasingly becoming open to allocating to alternatives and have the capacity to do so, they are generally more conservative in their approach. This is reflected in higher reporting and disclosure requirements, longer times to commit, and the presence of intermediaries such as gatekeepers. These are some of the considerations for GPs looking to expand the investor base in Japan.

Fundraising from Japan: A Guide to Raising Capital provides an overview of the nuances of the local market, drawing on insights from our Japan institutional investor survey, as well as expert opinions gathered from various industry professionals.

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