As private markets become more complex, allocators are being forced to make more deliberate choices between asset classes rather than simply increasing overall exposure. Infrastructure, private equity, private credit and real estate each offer different return drivers, risk profiles and roles within a portfolio, but also face very different pressures in the current environment.

This session brings together four distinct perspectives, with each speaker examining the opportunities, risks and return drivers within a specific asset class. Compare how infrastructure, private equity, private credit and real estate perform across cycles, where returns are being generated and how macro trends are shaping the opportunity set within each space. Understand where relative value is emerging and how to allocate more selectively across competing opportunities.

As scrutiny intensifies across private markets, greater focus is being placed on how assets are valued and what investors receive after fees. Differences in valuation methodologies, lagged reporting and inconsistent marking practices can make it difficult to assess performance, while layered fee structures risk eroding returns.

This session will explore how assets are marked across private equity, private credit and secondaries, where inconsistencies are emerging and how valuations compare to public markets. Unpack the full cost of investing in private markets, from fund-level fees to access vehicles and intermediated structures. Build a clear view of performance by interpreting valuations more effectively, assessing net returns and understanding how fees impact outcomes across different structures.

Private markets are often treated as a single allocation or tactical satellite exposure, but in practice different asset classes offer very different liquidity profiles, cash flow characteristics and roles within a portfolio. As exit timelines extend and liquidity becomes less predictable, the ability to construct portfolios with more deliberate cash flow dynamics is becoming increasingly important. At the same time, many private wealth investors are moving away from traditional asset allocation models towards more strategic, endowment-style approaches designed to meet a broader range of portfolio objectives.

This session will explore how allocators are combining different private asset classes to create more balanced cash flow profiles, reduce reliance on traditional stock-bond allocations and build more diversified sources of return. Examine how strategies behave across market conditions, where flexibility can be introduced and how allocators are adapting portfolio construction across different client segments and countries with varying sensitivities to liquidity and private markets exposure. Understand how to build private markets portfolios that are more resilient, better diversified and more aligned with investor objectives, whether those objectives are driven by income, growth, capital preservation or long-term impact outcomes.

Join your Chair for a final interactive session recapping the key themes from AltPrivateWealth. Through live Slido polls and audience discussion, compare perspectives from across the room, identify where consensus is emerging, and leave with a clearer view of the priorities shaping private markets in the year ahead.