Private Market Trends - Private markets are in the early stages of a super cycle, driven by democratization and demographic demand [2] - Convergence between public and private markets is occurring as a way to innovate and create new products to meet the needs of retirees [3][4] - The industry could grow well beyond $20 trillion, driven by the potential inclusion of private assets in individual retirement accounts (IRAs) [4] - Demographic trends are positive globally, supporting private market firms' ability to raise private credit funds and deploy capital in various regions [7] Investment Strategies & Asset Allocation - A mix of private credit and private equity products will be seen in IRAs and 401(k)s to enable diversification [11][12] - Adding private markets products into retirement accounts diversifies portfolios, which traditionally have low fees but potentially less impressive performance [8] - Private equity is facing challenges, while private credit is performing well [5] Challenges & Risks - Private equity vintages around the pandemic face write-downs and a tough exit environment [10] - Limited partners (LPs) are actively seeking liquidity in the secondary market due to the long-term nature of ten-year funds [18] - The economy is showing amber warning signs, and valuations are skating on thinner ice, with geopolitical risks and policy uncertainty being the biggest issues [19][20] Impact on Public Markets - Public markets have been on the back foot, with companies dropping out, leading to a difficult exit environment for private equity [13][14] - Additional trillions flowing into private equity firms will generate billions in management fees, benefiting the equity of these firms, which are often publicly traded [14] - A rebalancing from public dominance to a mix of public and private markets is expected over the next decade [15]

Unlocking a full picture of Russia’s demographic situation is becoming increasingly hard after the state stopped publishing monthly statistics amid the Kremlin’s war against Ukraine https://t.co/zkx7DpWuWk ...

[Music] Japan is having fewer babies than ever [Music] before. Meanwhile, the number of very elderly people is at a record high. This year brings the country to a tipping point known as the 2025 problem with Japan's huge postwar baby boom generation now all in their mid to late 70s.When it comes to living with a shrinking and aging population, the data clearly shows that Japan is ahead of other countries, but also that its path isn't unique, and neither are the potential solutions. So, the rest of the world ...