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.

Higher costs of capital, slower deal flow and increased crowding are putting pressure on traditional value creation levers, making it more challenging to generate returns in private equity. In a market facing greater scrutiny, the quality of underwriting, manager discipline and deal selection is becoming increasingly important in determining which portfolios remain resilient and which become exposed to weaker assets and overcrowded trades.

This session will examine how underwriting standards and deal selection are evolving, and whether discipline is holding across the market. Explore how leading managers are adapting their approach, where returns are now being generated and how you can distinguish differentiated managers from those relying on crowded strategies or favourable market conditions. Understand which indicators can be used to assess underwriting quality in practice, avoid overexposure to competitive segments and build portfolios that are better positioned to withstand pressure while still capturing differentiated long-term returns.

Examine the potential for infrastructure to deliver stable income, diversification and exposure to long-term macro trends such as energy transition and digital infrastructure. Discuss how the asset class behaves across cycles, where it fits within private markets portfolios and whether it can increasingly replace parts of traditional fixed income allocations.