크레딧

선택이 아닌 필수, 대체투자

대체투자에 대한 자산배분 비중이 증가하는 가운데, 대체투자는 포트폴리오에서 점점 더 중요한 역할을 담당하고 있습니다. 확장 가능성, 체계성, 통합성, 기술 활용성, 투명성을 갖추고 신인의무를 다하는 파트너십에 기반한 투자방식의 필요성이 그 어느 때보다 큽니다.

새로운 대체투자 시대의 승자

사모시장 내 수요와 복잡성이 높아지면서, 투자자 앞에 놓인 오랜 장벽을 허물 새로운 대체투자의 시대가 요구됩니다. 당사는 오랜 난제를 극복하고 고객을 위한 새로운 파트너십을 정의하기 위한 업계의 발전을 지원합니다.

Mark Everitt: Today, we are joined by Wei Li, who is BlackRock Global Chief investment Strategist. And it's very timely to have Wei with us, because never before have these macrotrends, these high-flying, kind of economic trends been more important to the private markets. And we have three to discuss today that have come out of our investment forum.

One is inflation. The second is infrastructure. And the third is China. And we're looking forward to digging into these.

So welcome Wei to the floor-- to the video today. So let's get going with our first topic. And the first topic is inflation. And we're clearly seeing a lot of inflationary pressures, whether we're seeing that in goods or in wages.

And although our time frames in private markets are long, we are deploying capital now. And we have active investments now that are going through these inflationary periods. So understanding and being able to interpret inflation in the context of private markets is of incredible value and importance. So, Wei, I would like to hand over to you and hear your thoughts on the outlook for inflation and look forward to hearing from you.

Wei Li: Thank you, Mark. And it's great to be here. On the topic of inflation, which divided a lot of opinions at the investor forum that you just mentioned, our view is this we are entering a structurally higher inflation environment.

And to your point, time horizon matters. So I'm going to unpack that a bit by bit starting with the near-term restart dynamics. In a near-term, what we're witnessing right now in the US, but also more broadly as well, is that we're seeing a bit of a restart-related inflation pop. And that has everything to do with the nature of restart.

We're really in an environment, where supply is struggling to catch up with demand. If you think about last year this time, it was easy for companies to cancel their orders, to shut down their factory. It was not easy, but it can be done, but now to switch things back on, it's not as easy as just switching on a switch. So what we're seeing is the pent up demand getting unleashed across all sectors are really not being met by supply that had been somewhat disrupted. And that is leading to near-term pop inflation, which we believe can stay with us for a while.

Now going for the near-term to the medium-term, there are three sources of drivers for inflation pushing higher, which we believe are somewhat underappreciated by market. The number one driver for medium-term inflation pushing higher is this idea of supply chain, shifting from previously focusing on cost efficiency to now focusing on resiliency. And that is likely going to push up cost base.

And number two driver for inflation in the medium-term pushing higher is the fed's new policy framework, which we believe they are still operating within. They are still very committed to that. And that framework wants to push inflation higher over the medium-term in order to make up for past losses.

And a third reason for why we believe inflation will push higher is really this idea, this concept of fiscal dominance. What we have seen so far is during the course of the pandemic, debt-to-GDP ratio has increased significantly as most part of the developed world embarks on this policy revolution, policy experimentation. Now at this level of interest rates, it's fine.

It's serviceable, this rising debt level. It's manageable, but if rates were to push significantly higher, this debt pile may not be as serviceable. And that is a big challenge and making monetary policy potentially a political decision. And because of that, we believe rates, yes, they can push higher, but they cannot push higher significantly.

And that actually creates a path for inflation to push higher. So because of this reason, we believe in the near-term inflation is going through a pop, because of the restart dynamics. That is very real. That is very powerful.

That is broadening out, and also in the medium-term is pushing higher as well, ultimately taking us into a new inflationary environment that is very different from what we have gotten used to in recent decades. And a lot of questions I've been getting from investors and clients is around the how do we inflation hedge, inflation protect our portfolios. And here looking beyond the usual suspect of inflation-linked bond and cyclical and equities more broadly, investors are increasingly looking at the private market, real assets, in addition to commodities.

Mark Everitt: Yeah. It's interesting to hear you talk about real assets there, because clearly across the scope of private markets, there are some assets that just have natural protection against rising inflation. And real assets is one such area, real estate in particular. Similarly on the corporate side, private equity, et cetera, we have some resilience there as well built in.

And when you think about some asset light industries which have a lot of pricing power going forward. So that's definitely an area of focus in the private markets, but what we think is key here is taking the outlook, as you present it, and having that in our underwriting process, because resilience is actually what's going to get you through this. And that coupled with good portfolio construction, then enables us to move forward through this cycle of inflationary pressures and into the long-term and realize value over the long-term, which is what we're all about in the private markets.

ALTH0721U/M-1707681

Mark Everitt: Today, we are joined by Wei Li, who is BlackRock Global Chief investment Strategist. And it's very timely to have Wei with us, because never before have these macrotrends, these high-flying, kind of economic trends been more important to the private markets. And we have three to discuss today that have come out of our investment forum.

One is inflation. The second is infrastructure. And the third is China. And we're looking forward to digging into these.

So welcome Wei to the floor-- to the video today. So let's get going with our first topic. And the first topic is inflation. And we're clearly seeing a lot of inflationary pressures, whether we're seeing that in goods or in wages.

And although our time frames in private markets are long, we are deploying capital now. And we have active investments now that are going through these inflationary periods. So understanding and being able to interpret inflation in the context of private markets is of incredible value and importance. So, Wei, I would like to hand over to you and hear your thoughts on the outlook for inflation and look forward to hearing from you.

Wei Li: Thank you, Mark. And it's great to be here. On the topic of inflation, which divided a lot of opinions at the investor forum that you just mentioned, our view is this we are entering a structurally higher inflation environment.

And to your point, time horizon matters. So I'm going to unpack that a bit by bit starting with the near-term restart dynamics. In a near-term, what we're witnessing right now in the US, but also more broadly as well, is that we're seeing a bit of a restart-related inflation pop. And that has everything to do with the nature of restart.

We're really in an environment, where supply is struggling to catch up with demand. If you think about last year this time, it was easy for companies to cancel their orders, to shut down their factory. It was not easy, but it can be done, but now to switch things back on, it's not as easy as just switching on a switch. So what we're seeing is the pent up demand getting unleashed across all sectors are really not being met by supply that had been somewhat disrupted. And that is leading to near-term pop inflation, which we believe can stay with us for a while.

Now going for the near-term to the medium-term, there are three sources of drivers for inflation pushing higher, which we believe are somewhat underappreciated by market. The number one driver for medium-term inflation pushing higher is this idea of supply chain, shifting from previously focusing on cost efficiency to now focusing on resiliency. And that is likely going to push up cost base.

And number two driver for inflation in the medium-term pushing higher is the fed's new policy framework, which we believe they are still operating within. They are still very committed to that. And that framework wants to push inflation higher over the medium-term in order to make up for past losses.

And a third reason for why we believe inflation will push higher is really this idea, this concept of fiscal dominance. What we have seen so far is during the course of the pandemic, debt-to-GDP ratio has increased significantly as most part of the developed world embarks on this policy revolution, policy experimentation. Now at this level of interest rates, it's fine.

It's serviceable, this rising debt level. It's manageable, but if rates were to push significantly higher, this debt pile may not be as serviceable. And that is a big challenge and making monetary policy potentially a political decision. And because of that, we believe rates, yes, they can push higher, but they cannot push higher significantly.

And that actually creates a path for inflation to push higher. So because of this reason, we believe in the near-term inflation is going through a pop, because of the restart dynamics. That is very real. That is very powerful.

That is broadening out, and also in the medium-term is pushing higher as well, ultimately taking us into a new inflationary environment that is very different from what we have gotten used to in recent decades. And a lot of questions I've been getting from investors and clients is around the how do we inflation hedge, inflation protect our portfolios. And here looking beyond the usual suspect of inflation-linked bond and cyclical and equities more broadly, investors are increasingly looking at the private market, real assets, in addition to commodities.

Mark Everitt: Yeah. It's interesting to hear you talk about real assets there, because clearly across the scope of private markets, there are some assets that just have natural protection against rising inflation. And real assets is one such area, real estate in particular. Similarly on the corporate side, private equity, et cetera, we have some resilience there as well built in.

And when you think about some asset light industries which have a lot of pricing power going forward. So that's definitely an area of focus in the private markets, but what we think is key here is taking the outlook, as you present it, and having that in our underwriting process, because resilience is actually what's going to get you through this. And that coupled with good portfolio construction, then enables us to move forward through this cycle of inflationary pressures and into the long-term and realize value over the long-term, which is what we're all about in the private markets.

ALTH0721U/M-1707681

새 시대의 대체투자 플랫폼, 블랙록

2,390억 달러 규모의 블랙록 플랫폼은 부동산, 인프라, 프라이빗 에쿼티, 크레딧, 헤지펀드, 대체투자 솔루션 등 다양한 투자 영역에서 진정한 파트너십을 통해 초과성과를 거두도록 설계되었습니다.현재와 미래의 고객에게 더 나은 서비스를 제공하기 위해 당사에서 보유한 기술, 규모, 그리고 신인의무를 중시하는 모델을 바탕으로 지속적인 혁신을 도모하고 있습니다. 당사의 강점은 다음과 같습니다.
양질의 투자 기회 제공
양질의 투자 기회 제공
글로벌 입지와 탁월한 실행 역량을 바탕으로 고객 여러분의 포트폴리오에 업계 최고의 아이디어를 적용할 수 있도록 최선을 다합니다.
향상된 투명성
향상된 투명성
시장을 선도하는 기술과 업계를 선도하는 인사이트로 더 나은 포트폴리오 구축을 지원합니다.
통합적 관점
통합적 관점
전체 포트폴리오의 큰 그림을 제시하여, 대체투자가 포트폴리오의 다른 영역에 어떤 영향을 미치는지 더 깊이 파악하실 수 있도록 지원합니다.
투자자의 목표에 부합하는 새로운 표준
투자자의 목표에 부합하는 새로운 표준
투자자에 대한 신인의무를 가진 진정한 파트너로서, 고객의 니즈와 난제를 충분히 이해하고 맞춤형 솔루션을 제공합니다.

크레딧

레버리지 파이낸스, 멀티전략 크레딧, 그리고 크레딧 솔루션을 발견하세요

블랙록의 최신 대체투자 인사이트

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블랙록 교육 아카데미(BEA)와 함께하는 대체투자 정복

블랙록의 교육 프로그램은 대체투자에 대한 포괄적인 설명과 포트폴리오에 대체투자를 적용할 수 있는 방법에 대한 내용을 전달합니다. 또한, 부동산, 인프라, 크레딧, 프라이빗 에쿼티와 헤지 펀드를 포함한 전체 플랫폼에 걸쳐 찾을 수 있는 투자 기회를 더 깊이 이해할 수 있을 것입니다.

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대체투자 팀

990명 이상의 전담 전문가로 구성된 대체투자 그룹(BlackRock Alternative Investors, BAI)은 블랙록의 다양한 팀과 협업하고 회사의 광범위한 자원을 활용하여 장기적으로 일관된 수익률을 제공하기 위해 최선을 다합니다.

Key stats about BlackRock’s alternatives platform.

출처: 블랙록. 모든 달러 표기는 미국 달러를 기준으로 합니다. 전문가 인력은 2019년 9월 30일 기준이며, 비정규직 및 인턴을 제외한 수치입니다. 고객 자산은 2019년 9월 30일 기준이며, 약정 자본을 포함합니다. 고객 자산에는 통화 및 원자재 상품이 포함됩니다. 대체투자 크레딧은 BlackRock Alternatives에 포함됩니다. 레버리지 파이낸스는 대체투자 고객 자산에 포함되지 않습니다.

글로벌 경영진
Edwin N. Conway
Head of BlackRock Alternative Investors
Edwin N. Conway는 블랙록의 대체투자 전략을 총괄하며 기관투자자에게 블랙록의 대체투자를 제공합니다.
Jim Barry
Chief Investment Officer, BlackRock Alternative Investors
Jim Barry, Managing Director는 BlackRock Alternatives Investors(BAI)의 최고투자책임자(CIO)이자 BlackRock Real Assets의 글로벌 책임자입니다.
아시아 경영진
Michael Dennis
Head of Alternatives Strategy & Capital Markets in Asia-Pacific
Michael Dennis, Managing Director, 는 아시아 태평양 지역의 BlackRock Alternative Investors (BAI) 및 BlackRock Capital Markets (BCM) 를 총괄합니다.