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BlackRock Alternatives

Global Private Markets Survey

Welcome to the first BlackRock Alternatives Global Private Markets Survey. Inside, we detail where institutional investors see the biggest macro risks, the opportunities across private asset classes and what they look for when choosing investment managers.

Over the past 20 years, we have seen private markets grow from a niche category to a cornerstone of many portfolios.

For many investors, private credit, private equity, infrastructure and real estate are no longer considered alternative but, in fact, a core component of the modern investment portfolio.

We surveyed capital allocators across the globe to understand how they are approaching private markets when constructing their portfolios in the new market regime. And we’re excited to share some of what we found in our first-ever BlackRock Alternatives Global Private Markets Survey.

Portfolio position

The institutions in our survey hold a combined US$3.2 trillion in private assets – roughly one-fourth of the US$13-trillion1 global market.

As a group, they allocate 24% of their portfolios to private markets, on average.

One respondent, the head of private assets at a U.S.-based insurer, said the growth is due to both supply and demand. Private markets appeal to corporations, who can stay out of the glare of equity markets and are able to negotiate.

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Institutions plan more private asset allocations this year

After a turbulent 2022 in which many institutions pulled back, the majority of survey respondents say they plan to increase their allocations to private equity, credit, real estate and multi-alternative solutions this year - though it remains to be seen if recent upheavals have changed that outlook.

Interviews conducted by third-party consultancy iResearch Services. Reponses were received from October 2022 through January 2023. Note: Numbers in charts may not always add to 100% due to rounding.

Global Private Markets Survey

To discover how major investors from different regions and organizations answer these questions, and more, download BlackRock’s first-ever Private Markets Survey.
Global Private Markets Survey

Income is driving investment

Our survey respondents are turning to private markets for a wide range of reasons, with income being a main motivation, followed by capital appreciation. While investors turned to asset classes such as private credit, infrastructure and real estate for income in a low-rate environment, the appeal of these assets persists even as many central banks raise interest rates.

In direct lending, for example, most deals have floating-rate structures that lead to higher yields as rates rise. And many infrastructure-related businesses benefit from inflation-linked tariffs, as well as underlying contracts that are linked to inflation.

Q. What factors are driving your allocation to private markets?

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Interviews conducted by third-party consultancy iResearch Services. Reponses were received from October 2022 through January 2023.

Global Private Markets Survey

Our Private Markets Survey explores how institutions are approaching private markets, as well as their reasons for continuing to embrace private assets amid uncertainty and where they see the biggest opportunities.
Global Private Markets Survey

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Edwin Conway
Global Head of Equity Private Markets