分组1 - SMAs are projected to reach nearly $5 trillion in assets by 2026, with an expected $200 billion in net new flows and an 18% increase from the previous year [1] - Tender offer and interval fund assets are anticipated to grow by 22%, amounting to $281 billion in assets [1] - Defined-outcome ETFs may not be suitable for long-term investors due to their total returns likely falling short of uncapped stock or allocation portfolios over extended time horizons, making them more appropriate for risk-averse investors with shorter time frames [1] - Hedging currency through derivatives markets can be a more efficient way to reduce U.S. exposure compared to selling stocks or bonds, although it may create a self-reinforcing cycle that affects dollar prices [1] - The growth of artificial intelligence raises concerns for alternative asset managers, particularly as 20% of private credit industry loans in the past decade were made to software companies [1] - AI disruption risk is concentrated in non-traded BDC portfolios, with the top five sector exposures averaging 52% of total portfolio allocation, indicating significant concentration risk [1] - Goldman Sachs plans to eliminate diversity criteria from its board candidate selection process, focusing instead on other qualifications [1] - A survey indicates that 46% of buyout managers believe deals closed in 2025 will outperform those from 2023 and 2024, with 6% expecting returns to exceed 200 basis points above those years [1] 分组2 - PGIM Private Real Estate Fund has announced its conversion to an interval fund structure to provide shareholders with structured liquidity [2]