From beta to partnership
Sovereign wealth funds are rotating away from passive market exposure toward partnership platforms that offer co-underwriting rights, data access, and governance seats.
Infrastructure as ballast
Core-plus infrastructure remains a preferred ballast for long-duration liabilities, provided cash-flow contracts survive inflation and transition risk stress tests.
Allocators are paying for alignment—not access. Managers without genuine co-investment culture will struggle to raise the next vintage.
Private credit selectivity
Private credit still attracts capital, but underwriting standards have tightened. Documentation quality and recovery analytics now matter as much as headline yield.
