安联：2024私募债务和私募股权的全球展望报告（英文版）（42页）.pdf

1、04Is this a new era for private markets?13Private debt,the rising of the market underdog 22 April 2024Allianz ResearchGlobal outlook for private AllianzTradedebt&private equity:private(r)for longer?23Private equity,turning challenges into opportunities28Real Estate,with every downturn there are oppo

2、rtunities33Private infrastructure,from niche to nexus2ExecutiveSummaryAllianz ResearchJordi Basco CarreraLead Investment Strategistjordi.basco_Pablo Espinosa UrielInvestment Strategist,Emerging Markets&Alternative Assetspablo.espinosa-Maria LatorreSector Advisor,B2Bmaria.latorreallianz- High inflati

3、on and escalating interest rates have tempered enthusiasm in private markets.These factors induced investor caution and lowered return expectations last year,breaking a decade-long asset class growth(13%AUM yearly).Despite this,private assets remain attractive to institutional and retail investors s

4、eeking higher yields,inflation hedging,reduced market volatility and diversification.The persistence of relatively higher long-term interest rates,combined with stronger-than-anticipated corporate earnings,is expected to maintain interest in private asset segments,such as private debt,among a divers

5、e investor base.Easing monetary policy and modest growth are expected to renew interest in private markets.Anticipated monetary policy easing later in the year could stimulate some parts of the private marketplace such as private equity through improved valuations and renewed IPO activity.For privat

6、e debt,a lower yield environment could improve debt repayment capabilities and help avoid prolonged defaults if interest rates remain high for too long or even climb to higher levels.However,private markets remain vulnerable to several external pressures that could dampen investor confidence.The pro