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2 minutes to read by  PH&N Institutional team Feb 25, 2025

PH&N Institutional has long been committed to the investment success of our clients. We combine a relentless pursuit of strong investment performance across a broad range of asset classes with thoughtful investment ideas and advice to help clients build resilient portfolios that are aligned with their long-term goals.

This report focuses specifically on a range of private market asset classes that have become foundational elements in many institutional portfolios – real estate, infrastructure, and private credit (in the form of commercial mortgages). In the following pages, we describe the philosophy underpinning our approach to investing in these asset classes, review market conditions, and discuss some of the themes that we expect will be relevant for the year ahead.

For decades, public market equity and fixed income assets dominated most investment portfolios, but for reasons described below, core private market investments now represent a meaningful component of the policy asset mix of many institutional investors. Among other things, core private market investments offer the following features:

  •  An attractive mix of current income and long-term growth potential.

  • The diversification benefits of direct exposure to assets in sectors of the domestic and global economy where public market investment opportunities are not necessarily available – this is particularly important today as public equity markets have become increasingly concentrated by geography and in a relatively small handful of individual companies.

  • Incremental returns stemming from the illiquid nature of these investments relative to public market assets – an appealing feature for investors that have capacity for managing some illiquidity risk in a portion of their portfolio.

  • Enhanced return stability resulting from the fact that many of the underlying assets are valued less frequently, and not subject to the vagaries of short-term market sentiment.

Please read the full piece here.

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