Private capital strategies are set to nearly double assets under management over the next five years, according to data provider Preqin, even as the fast-growing industry adjusts to a tougher macro environment.
Private markets, encompassing private equity and private credit, have been booming over the last decade as investors chased yield during an era of fiscal stimulus and ample liquidity. Despite this year’s market routs and challenging outlook -- with borrowing costs surging and economies cooling -- demand for private capital “continues to show resilience,” Preqin said in a report Wednesday.
Demand remains strong as investors continue to seek alternative sources of returns in an uncertain economic environment, according to Preqin. Private-debt investors have won a series of high profile deals this year, as investment banks turn cautious while the high-yield and leveraged-loan markets remain shaky. Deals for firms such as Ping Identity and Corden Pharma turned to direct lenders for funding.
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