道富银行State Street（STT）：2025年私募市场展望报告：在波动中取胜（英文版）（29页）.pdf

1、Scott Carpenter,Jesse Cole and James RedgraveDriving success in volatile environments2025 PRIVATE MARKETS OUTLOOKBeginWere excited to bring you our fourth annual State Street Private Markets Study.Our aim with this study is to do something other research in this space does not:To bring comprehensive

2、 analysis of the most significant and timely private markets developments in a way that ties together the ways in which market trends in asset allocation and fundraising drive internal operational developments,and vice versa.Of course,the top down macro and regulatory environments set the context fo

3、r both themes.Since we started running this research in 2021,private markets have shown remarkable resilience in their attractiveness to investors,against a series of macroeconomic challenges.The COVID 19 pandemic that formed the backdrop to our first survey seems a long time ago now,as do the infla

4、tion and high interest rates that followed in its aftermath,forcing investors and managers to adapt their strategies and models.Today,we see the prospect of sustained tariff-driven trade dislocation and its consequences for global growth present a new set of considerations for the industry to naviga

5、te.Yet allocation plans to almost all private markets sub asset classes continue to grow in the near and medium term.Many of the adaptations organizations have already made to earlier challenges improved deal analysis and due diligence capabilities,technology-led portfolio data management upgrades,d

6、iversification of distribution channels look set to promise continuing benefits from high-quality private markets investments in portfolio allocation.Whats new in this research is a recognition that the demand for these asset classes from the individual investor sphere via“democratization,”and the p