Since about 2014, many institutional investors have turned their attention toward private markets, and so over time the conversation has moved from, “There are not enough asset classes to generate a real return!” to a now pro-active “What else is outside the traditional box?” sentiment, and alternatives begin to stand out. These discussions have changed from a type of intellectual curiosity about potentially diversifying through considering asset classes with low correlations, to a rather direct “You have to go and understand this asset class because you have to generate a real return in the long run.” It’s now about really looking outside the box and putting those strategies on the table.

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