Alternative Fund Insight

Episode 18 - Alex Band of Partners Capital on building portfolios for endowments/foundations and FOs

Jun 5, 2023
Guest
Alex Band
Alex Band, CIO at Partners Capital, shares insights on asset allocation outlook in public and private markets, including the next era of returns, client perspectives, public market and hedge fund objectives, views on cash and private equity, private debt opportunities, LP client questions about private markets, sustainability, and priorities going forward.
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INSIGHT

New Investment Environment Dynamics

  • The last decade's tailwinds like low inflation and low-interest rates are reversing, becoming headwinds for the next decade.
  • Expect higher volatility, dispersion, and lower beta returns, making alpha generation through asset selection vital.
INSIGHT

Private Equity Return Drivers Change

  • In private equity, past returns were driven by multiple expansion and cheap leverage, which are now less likely.
  • Profit growth from operations and investing behind capable sponsors are key to future private market returns.
INSIGHT

Client Concerns on Returns and Inflation

  • Clients prioritize investing for long-term growth amid current market opportunities while managing short-term volatility.
  • They worry about sustaining real returns and portfolio purchasing power in a higher inflation environment.
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