Alternative Investments:
Wealth Managers Increasing their Usage of Private Equity, Private Credit, & Real Estate

Recently Released!!!
Date Published: April 4, 2023
Summary PowerPoint Deck: 409 Slides

Reference PowerPoint Deck: 977 Slides

The purpose of this research is to provide readers with a comprehensive understanding of alternative investments, including hedge funds, private markets, & real estate. Alternative investments are sometimes pitched as having high returns and other times as being portfolio diversification strategies. Alternative investments can also potentially be more complex, more volatile, more expensive, and less liquid than traditional stocks, bonds, & cash. These products are typically structured as private funds (limited partnership) investments. This report also includes liquid alternatives (1940 Act Registered Funds). This research is incorporated into Tiburon's broader coverage of managed funds, along with Tiburon's coverage of registered investment companies, comingled trust funds, separately managed accounts, and non-financial alternative investments.

This research starts with a context setting chapter that outlines the basis of growth in alternative investments, including these key driving factors:
  • Less Certain Traditional Securities Markets
  • Superior Investment Returns in Varying Alternative Investments
  • Higher Correlations Between Traditional Investments

This research addresses the key historical phases of alternative investments, including:

  • Hedge Funds Phase
  • Venture Capital Phase
  • Liquid Alternatives Take I Phase
  • Real Estate Equity & Debt Phase
  • Venture Capital, Private Equity, & Private Credit Phase
  • Liquid Alternatives Take II Phase

This research defines the broad markets segments (and numerous sub-segments) of alternative investments, including:

  • Hedge Funds
    • Equity Hedge Fund Strategies
    • Arbitrage or Relative Value Hedge Fund Strategies
    • Event Driven Hedge Fund Strategies
    • Global Macro Hedge Fund Strategies
    • Hedge Funds-of-Funds
  • Private Markets
    • Venture Capital
    • Private Equity
    • Private Credit
  • Real Estate
    • Real Estate Equity
    • Real Estate Debt

This research addresses the product structure market segments of alternative investments, including:

  • Private Funds (Limited Partnerships)
  • Liquid Alternatives (1940 Act Registered Funds)

This research also addresses the markets & distribution channels of alternative investments, including:

  • Institutional Markets
  • International Markets
  • Financial Advisor Channels
  • Direct Distribution

And this research makes several future predictions for alternative investments, including: 

  • Loosening of Accredited Investor & Qualified Purchaser Rules
  • Substantial Growth of Alternative Investments
  • Short-Term Dominance of Private Credit & Real Estate Debt But Ultimate Dominance of Venture Capital & Private Equity and Real Estate Equity as Leading Alternative Investments
  • Rapid Evolution of Product Structures and Increasing Dominance of Liquid Alternatives (1940 Act Registered Funds), Including Interval Funds
  • Fastest Growth in Financial Advisor Channels
  • Substantial Opportunities for Alternative Investments Platforms with Comprehensive Alternative Investments Platforms Acquiring Leading-Edge One-Off B2C & B2B Platforms, and the Ultimate Acquisition of Alternative Investments Platforms by Custodians and/or Turnkey Asset Management Platforms (TAMPs)
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