这家咨询机构对全球300家资产管理公司、机构投资者和分销商的调查发现，私募市场收入预计到2030 年将达到4320亿美元，超越传统主动管理和被动投资产品的收入总和。2024年，私募资产仅占行业总收 入的44%。 报告指出，驱动私募市场快速扩张的因素包括投资者对更高回报的需求，以及该领域向更多零售投资者 开放。与此同时，传统基金管理业务面临费用压力加剧，近60%的机构投资者表示可能仅因成本考虑而 更换管理人。 普华永道英国全球资产与财富管理业务负责人Albertha Charles表示："我们预计私募市场将锚定资产管 理规模增长的很大一部分。"她指出，这一预测基于全球通胀和利率将继续下降的假设，这可能促使资 金从现金储蓄转向投资。 私募市场主导行业增长 最新报告显示，全球基金规模到2030年将达到200万亿美元，且私募将很快贡献到基金行业收入的一 半。 11月24日，据报道，普华永道最新报告显示，全球资产管理行业规模预计将从2024年的139万亿美元增 至2030年的200万亿美元，其中私募市场将成为增长主引擎，并在五年内首次贡献超过半数的行业收 入。 报告警告，尽管资产规模增长，行业利润率却持续承压。 普华永 ...

普华永道英国全球资产与财富管理主管阿尔伯莎.查尔斯周一在一份报告中表示："赢家不会是那些积累 最多资产的人，而是那些能最快完成转型的人。"该报告调查了300家全球公司和投资者。 根据普华永道的报告，到2030年，私募市场将产生财富管理行业一半以上的收入，这一增长反映了各公 司在私募债务、股权和基础设施领域扩张的竞争日益激烈。 私募市场收入增速超过传统资产 资产管理行业还面临着传统股票、债券、货币市场和多资产基金费用持续承压的局面。普华永道调查的 机构投资者中，近60%表示他们"可能"或"非常可能"仅因成本原因更换管理方。因此，尽管成本居高不 下，但主动和被动策略的管理费预计都将下降。 这家咨询公司发现，到2030年，资产和财富管理行业将从私募资产中获得约4320亿美元的收入，超过传 统主动管理投资和被动产品的收入总和。普华永道的数据显示，2024年，私募资产占总收入的44%，而 传统投资构成了行业总收入的大部分。 尽管如此，私募市场已变得越来越拥挤。许多传统基金公司——包括富兰克林资源公司、景顺公司和道 富银行——最近收购了私募市场公司或与之合作，以站稳脚跟。 自2024年初以来，贝莱德已花费超过250亿美元 ...

本报讯 （记者毛艺融）11月17日，高盛资产管理发布题为"于复杂环境中捕捉新契机"（Seeking Catalysts Amid Complexity）的2026年投资展望报告提到，人工智能驱动的创新将继续支撑投资者的乐 观情绪，而全球央行的政策方向、新的贸易秩序、财政风险等正在共同发挥作用，营造复杂的投资环 境。 高盛报告认为，新兴市场股票2026年有跑赢全球整体市场的可能。目前新兴市场股票的远期市盈率较美 国股票折价约40%，低于长期平均水平。鉴于新兴市场强劲的盈利状况，预计这一折价将收窄。 私募市场方面，高盛资产管理认为，新交易和退出活动整体环境利好，私募股权基金管理人业绩表现的 分散性扩大。私募市场交易活动增加，将为有限合伙人（LP）提供新的数据评估其现有和潜在管理人 的业绩表现，有助于决策其增量资本的分配。普通合伙人（GP）将需要战略性地识别超出整体经济增 长的领域，包括调整地域配置布局。对高增长行业的追求预计将会持续。随着数据科学、人工智能和自 动化不断成熟和加速，有望在更大程度上推动收入增长和提高效率。 高盛资产管理全球经典策略主管表示："展望2026年，高盛预计有限合伙人对具有吸引力、存续期比 ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $366 million, or $4.66 per share, which is significantly larger than prior periods due to the progress of the Private Wealth platform [3][4] - Fee-related earnings were $79 million, up 9% year-over-year, with a core FRE margin of 36% [4][5] - Adjusted net income for the quarter was $66.7 million, or $0.54 per share, an increase from $53.6 million, or $0.45 per share, in the same quarter last year [5][18] Business Line Data and Key Metrics Changes - The Private Wealth platform generated $2.4 billion in new subscriptions, nearly double the previous highest quarter [6][7] - Institutional fundraising saw $3.8 billion in managed account gross additions for the quarter, contributing to over $10 billion for the first half of the fiscal year [8][9] - Commingled funds generated $3.4 billion in gross additions, with notable contributions from the PE co-investment fund and the PE secondaries fund [10][13] Market Data and Key Metrics Changes - Fee-earning AUM increased by more than $5.5 billion in the quarter to nearly $133 billion, reflecting strong fundraising momentum [11][12] - The company generated $29 billion of gross AUM additions over the last 12 months, with $18 billion from separately managed accounts and $11 billion from commingled funds [13] Company Strategy and Development Direction - The company is focusing on enhancing data and technology offerings, including the launch of the Kroll StepStone Private Credit Benchmarks and FTSE StepStone Global Private Market Indices [11][12] - The partnership with Aviva aims to establish a presence in the U.K. defined contribution market, with expectations for material flows starting in 2026 [37] Management's Comments on Operating Environment and Future Outlook - Management believes current low distributions in private markets are temporary, with indicators suggesting improved realizations ahead [17] - The company is committed to monitoring market conditions and providing solutions for clients despite geopolitical and market challenges [17] Other Important Information - The company opened new offices in the Netherlands, Spain, South Korea, and Saudi Arabia, expanding its global footprint [10] - The adjusted cash-based compensation ratio was 46%, in line with expectations, while general and administrative expenses increased due to higher travel and IT costs [19] Q&A Session Summary Question: What drove the strong demand for StepX and any cannibalization risk? - The strong demand for StepX was driven by specific requests from channel partners for PE-exclusive exposure and the availability of a ticker [23] - Some rotation from SPRIME to StepX was expected and has mostly occurred [24] Question: How far along is the company in selling through distribution partners? - The company has room to grow, with many large distribution partners currently focused on two or three funds rather than all five [26][28] Question: What are the expectations for StepX's subscription rate going forward? - Initial subscriptions for StepX were around $750 million, but a pullback is expected in future quarters [31] Question: What drove the increase in G&A expenses? - The increase was primarily due to travel, IT, and general operating costs, with expectations for continued investment in infrastructure [33] Question: Can you discuss the partnership with Aviva and its potential? - The partnership with Aviva is significant in the U.K. defined contribution market, with material flows expected to build over time starting in 2026 [37] Question: How is the company expanding deal-sourcing capabilities? - The company maintains a balanced approach to deal flow, focusing on primary fund commitments to drive market position and data acquisition [43][44] Question: What are the future product strategies in the private wealth channel? - The company plans to focus on existing products while exploring innovative solutions and models for private markets [46][49]

Core Insights - Geopolitical risks have been identified as the primary concern for investors for the second consecutive year, with North American General Partners (GPs) particularly focused on high valuation pressures [9][10] - Overall sentiment among private market investors is optimistic, with expectations for liquidity release through various exit strategies increasing [2][4] Group 1: Investor Sentiment and Strategies - Private market investors exhibit resilience, with strong sentiment towards tangible asset strategies, particularly in infrastructure (93%), private equity (82%), real estate (81%), and private credit (70%) [4] - GPs are optimistic about traditional exit routes expanding significantly, especially strategic sales (80% of GPs likely to adopt this method) and sales led by financial investors (70% considering this option) [5][6] - 83% of Limited Partners (LPs) plan to deploy the same or more capital in private market strategies in 2025, continuing a positive trend from previous years [8] Group 2: Valuation Challenges and Market Dynamics - Valuation remains the biggest challenge for new project investments, with 63% of respondents citing it as a key factor, and 60% indicating it as the main challenge for exits [4][5] - The emergence of new fund managers and the launch of new funds by existing GPs have intensified competition in the fundraising environment [2][5] - LPs are increasingly managing liquidity through secondary markets, with 17% of respondents selling assets in the secondary market this year, up from 11% last year [6][7] Group 3: Asset Allocation and Market Trends - Many LPs are below their target allocation levels across various strategies, with significant under-allocations in co-investments (62% below target) and secondary markets (45% below target) [7] - The interest in evergreen structures is growing, with over 30% of LPs considering or using them for private equity and infrastructure investments [10] - Concerns about geopolitical instability and policy uncertainty dominate investor worries, with North American GPs particularly focused on high valuations as a risk factor [9][10]

Market Overview - The current market is well-priced but not exuberant, with investors focused on three key areas: moderating inflation, global earnings growth driven by AI and technology, and government regulatory easing [1] - A potential rally in the market could occur if these areas continue to show positive surprises [1] - Investors are also monitoring the rebound in emerging markets, particularly China, as global demand is significantly sourced from these regions [1] Private Markets Insights - There are indications of overpaying in private markets, suggesting a cautious approach to valuations [2] - The excitement around AI is reminiscent of the early automotive industry, where many companies emerged but only a few succeeded [3][4] - The app layer of AI presents challenges in predicting winners, leading to high valuations that may not be sustainable [5] Government Impact - The potential government shutdown could complicate the SEC's operations and delay IPOs, although historical data suggests minimal impact on stock markets during past shutdowns [6][7][8] - Investors are adopting a wait-and-see approach regarding the shutdown's duration and severity, reflecting a cautious stance [9] Investment Strategy - The company has a significant portion of its assets in private markets, with a current allocation of approximately 40-45%, aiming to increase private equity exposure from 12% to 20% [11][12] - The strategy emphasizes a low-cost passive approach in public markets while seeking outperformance through selective investments in private markets [12][13] - Engaging in direct co-investment activities is a priority, focusing on thematic deal sourcing and selection [13]

Core Viewpoint - Deutsche Bank is accelerating its efforts to tap into the private market investment channels for wealthy clients in Europe, aiming to leverage the significant potential of high-net-worth individuals in the region [1][2]. Group 1: Fund Launch and Structure - Deutsche Bank, in collaboration with its asset management subsidiary DWS Group and Swiss private equity firm Partners Group, is set to launch a perpetual private market fund aimed at high-net-worth clients, expected to open in Q3 of this year [1]. - The fund will be managed by Partners Group and will invest in various sectors, including products offered by the Zurich-listed company and other non-public market investment opportunities [1]. - The minimum investment required from clients is €10,000 (approximately $11,800), with an initial asset management size projected between €100 million and €1 billion [1]. Group 2: Market Potential and Growth - Deutsche Bank's executive Alessandro Caironi indicated that the fund could evolve into a significant component of their private asset portfolio, with potential market opportunities reaching billions of euros in the coming years, possibly even up to $10 billion [2]. - The European private market has become a competitive space for Wall Street institutions and global asset management firms, especially following regulatory reforms that have lowered the barriers for individual investors to access private markets [2]. Group 3: Industry Trends and Insights - The number of perpetual funds targeting high-net-worth individuals in Europe has surged due to these regulatory changes, which allow for more flexible subscription and redemption mechanisms [5]. - Major firms like Blackstone and KKR are increasing their presence in the European private market, while BlackRock is also expanding its wealth management efforts in the region after acquiring several private asset companies [5]. - Bain & Company projects that the global private market assets under management will reach $65 trillion over the next decade, more than doubling from the end of 2012 [6]. - Deutsche Bank suggests that high-net-worth clients should allocate up to 24% of their investment portfolios to private markets, although current allocations among European individual investors remain significantly below this level [6].

Key Insights - The report highlights a significant increase in private market exposure among major pension funds, with the top 20 U.S. pension funds holding approximately $500 billion in private market investments, raising concerns among policymakers about potential risks [6][7][10] - The Government Pension Investment Fund (GPIF) of Japan has made its first direct investments in domestic alternative assets, allocating a total of ¥50 billion, with ¥40 billion directed towards infrastructure funds and ¥10 billion towards real estate investments [8][9] - The California Public Employees' Retirement System (CalPERS) has announced a transition to a Total Portfolio Approach (TPA) to enhance decision-making clarity and transparency, shifting to a simplified benchmark of a 75/25 equity-to-bond ratio [12][13] - The European Union is set to take action by the end of the year to promote pension investments and simplify cross-border transaction processes, aiming to reduce administrative costs and attract investments [16][17] Group 1: Private Market Exposure - Major pension funds are increasingly allocating capital to private markets, with a notable rise in risk exposure as the number of publicly listed companies declines [6][7] - The trend of pension funds moving towards private assets is being closely monitored by global policymakers due to the potential risks associated with this shift [7] Group 2: GPIF Investments - GPIF's new strategy allows for greater control over investments, as it directly selects funds rather than relying on asset management companies [8][9] - The fund's alternative investment allocation remains limited to 5% of total assets, with current holdings at only 1.6%, indicating room for growth in this area [8] Group 3: CalPERS TPA Implementation - The TPA will simplify the investment strategy for CalPERS, allowing for a more straightforward approach while maintaining a focus on risk management [12][13] - The integration of ESG factors into investment decisions is a key component of CalPERS' new strategy, with dedicated resources allocated to ensure compliance [13][16] Group 4: EU Regulatory Actions - The EU's proposed measures aim to streamline regulations and enhance market transparency, particularly concerning pension funds and cryptocurrency investments [16][17] - Tax incentives and simplified investment processes are expected to encourage household savings to flow into capital markets [17] Group 5: Other Global Developments - The Abu Dhabi Investment Authority is actively seeking opportunities in the private equity secondary market, despite challenges in the broader industry [18][19] - The National Pension Service of Korea has acquired a minority stake in Nordic real estate manager Areim, aligning with its investment strategy [20][21] - The IRS has finalized key rules under the SECURE 2.0 Act, impacting workplace retirement plans and contribution limits [22][23]

Group 1 - Trade Republic, a German online broker, has partnered with Apollo Global Management and EQT to provide retail investors access to private markets, which have traditionally been available only to institutions and wealthy individuals [4] - The partnership aims to democratize investment opportunities for retail clients, allowing them to invest in asset classes that were previously out of reach [4] - This initiative reflects a growing trend in the fintech industry to broaden access to private market investments for a wider audience [4]

Core Viewpoint - Goldman Sachs (GS.US) is set to invest up to $1 billion in T. Rowe Price Group (TROW.US), marking a significant partnership aimed at expanding private market offerings to retail investors, with T. Rowe Price's stock rising over 7% in pre-market trading following the announcement [1]. Group 1: Investment Details - Goldman Sachs will acquire up to 3.5% of T. Rowe Price's shares through a series of open market purchases, making it one of the top five shareholders of the asset management firm [1]. - This investment represents Goldman Sachs' only external investment in an asset management company [1]. Group 2: Market Context - The collaboration comes at a time when traditional asset management firms are increasingly seeking to enter the alternative asset space, which has been dominated by leading private equity firms [1][2]. - T. Rowe Price has faced challenges since 2022, with significant outflows from its funds due to market downturns and a shift towards low-cost index funds and ETFs [2]. Group 3: Future Plans - T. Rowe Price and Goldman Sachs plan to launch a co-branded retirement fund by mid-2026, which will include investments from Oak Hill Advisors and Goldman Sachs' private market strategies [3]. - The partnership aims to provide tailored investment solutions for high-net-worth individuals and lower-wealth clients, with plans to introduce two new strategies encompassing private equity, credit, and infrastructure [3].