Optimizing for Growth and Income in Private Markets

In the mid-1990s, more than 8,000 companies were publicly traded on U.S. exchanges. By 2016, that number dropped to less than half that amount, where it remains today¹。自2010年以来，私人市场公司在2017年在管理层中连续持续增长，达到5万亿美元。

私营市场的增长部分是部分地萎缩了公共市场，但繁荣主要是由于机构投资者面临收入，增长和多样化的挑战。亚博赞助欧冠与公共市场的低相关是私营市场的额外利益，以追求这些目标中的三个目标。

“If you look at the entirety of private markets, there are a number of expanding asset categories that are increasing the breadth of exposures. These new categories can contribute to a more diversified private markets portfolio,” says Neil Blundell, Global Head of Client Solutions at Invesco. “But, while answers to some of the challenges investors face are present in private markets, implementation requires a unique set of skills.”

Grasping the full risk picture

虽然私人市场投资可能对不相关的风险调整的回报非常有吸引力，但它们还向投资过程添加了一层复杂性，并且确保风险和流动性考虑以及典型更高的投资至关重要费用，由策略可能带来投资组合的原则。

“It’s important to grasp the dynamics of private markets,” says Blundell. “Understanding the assets that you are purchasing should include a holistic assessment of risk. What are the fundamental drivers of risk and return? When can you expect capital to be returned? What can go well? What can go poorly? How does liquidity align with the ability to match your liabilities? Numerous considerations have to be modeled to be fully understood. You also need to understand how private markets investments will interact with your broader portfolio. This encompasses how to fund the exposure from existing holdings and extends to how that changes your risk and return profile.”

These challenges are among the many that Blundell and the solutions-oriented team at Invesco train their factor lens on. “If you don’t break these potential enhancements down to a factor level, hidden risks may be stacking up in your portfolio.”

优化解决方案

负债和资助状况通常是机构分配战略的推动力。私人市场的分配可以帮助投资者实现收入和增长目标，但有些机构可以在需要大量的最低分配时面临障碍。共混合分配车辆进入多元化的收入或增长组合是一种潜在的解决方案。

According to Duy Nguyen, CIO and Head of Global Advisory Solutions at Invesco, private market solutions for income and growth are built around investor “inputs” that, in and of themselves, help to form strategies. A few examples of inputs are the income level an investor needs, or the volatility level they are willing to accept, or the cash flow stream they want to match.

“如果您需要更多的增长，您可能倾向于私募股权，基础设施股权和增值和机会的房地产等战略。与大多数表现私人债务战略相比，他们的持续时间更长，但您通过回报增强，您可以通过回报增强来弥补流动资金风险，“Nguyen说。

在收入方面，Nguyen说，投资者可能更加倾向于债务工具，如中间市场贷款，基础设施债务或房地产夹层债务。“如果您有长期负债，您可以考虑具有长期仪器的高度定制计划，可以在返回目标或以非常稳定的基础提供现金流量。”

Achieving the optimal allocation strategy for private markets can put a strain on the operational team at some institutions. This is where Invesco can be an invaluable partner. In some cases, Blundell and his teammates may serve as a second set of eyes, perhaps leveraging Invesco’s capital market assumptions and leading-edge analytics to help refine the institution’s strategy in the private market space.

“这是不寻常的投资者s to come to us and say, ‘Can you help construct an optimal private markets completion portfolio?’” says Blundell. “We’ve done a lot of research on optimizing portfolios that include private markets, and how exposures integrate into a broader strategic asset allocation. In other scenarios investors might be less familiar with private markets than they’d like to be, but are keenly aware they aren’t getting the performance they need from traditional markets. Whatever the challenge, we aim to share to knowledge and analytical tools to collectively find the right answers alongside our clients.

在私人市场投资中的风险建模上的第二部分归属于私人市场投资，将于1月14日的一周出现在InstolutionalInvestor.com上。

Start the conversation to better outcomes.Learn more。（https://www.invesco.com/portal/site/us/institues/global-solutions/）