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Recent alternative asset manager developments
Over the past few years, alternative asset managers have seen strong inflows as institutional investor allocations increased and new investors channels opened. At the same time, more companies stayed private for longer in private equity, private credit replaced corporate funding needs as banks retrenched, and global government indebtedness has led to infrastructure investment coming from private hands. As these allocations have increased, some areas of the market have become crowded, with institutional investors starting to consolidate their relationships with fewer scaled asset managers with meaningful scope and co-investment opportunities. At the same time, the managers themselves have dealt with competition for assets and questions around the exit environment and their ability to deliver the same kind of returns in the future.
