Future of Alternatives 2029

In Future of Alternatives 2029, we present our forecasts for fundraising, performance, and AUM growth across each asset class, and consider what the industry can expect in the six-year period.

• The performance of private debt is forecast to grow further, to an average of 12.0% from end-2023 to 2029F, with distressed debt ever higher

• Private equity AUM is expected to more than double in the period to reach $11.97tn, but our performance outlook has deteriorated

• After suffering the sharpest contraction globally, we forecast Europe-focused real estate fundraising will outpace private capital by 0.8ppts

• Late-stage and European venture capital strategies are expected to underperform the rest of the asset class, with forecast IRRs of 13.8% over end-2023 to 2029F

• The share of infrastructure AUM in core and core-plus funds at the asset-class level will gain ground, settling at 62% by 2029F