NDR: Private Markets in Strategic Asset Allocation

NDR’s Strategic Asset Allocation team examines one of the most important questions facing allocators today: do private markets genuinely improve portfolio outcomes, or are their perceived benefits simply a function of how risk is measured? As private assets become a larger part of institutional portfolios, investors are increasingly focused on separating enduring advantages from conventional assumptions. This research takes a fresh look at the role of private markets through a disciplined, risk-aware framework. 

The analysis explores how private equity, private credit, and private real estate fit within strategic asset allocation, emphasizing the importance of evaluating diversification and return opportunities using a more rigorous view of risk. Rather than relying on traditional approaches, the research challenges common perspectives and examines how private assets behave within the context of a broader portfolio and a defined risk budget.

The full report investigates the implications for efficient portfolio construction, long-term wealth accumulation, and institutional asset allocation decisions. Complete the form to access the full analysis and explore how private markets may influence portfolio outcomes across a range of investment objectives and market environments. Download the full publication by completing the form to the right.

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