Global Outlook
April’s inflation data in the U.S. presents a mixed picture: rising prices alongside a consumer that, for now, is holding firm. U.S. inflation reaches highs while retail holds steady U.S. inflation accelerated to 3.8% year-over-year in April, its highest level since May 2023. While the energy sector drove much of the increase, core inflation also […]
Infrastructure
Infrastructure is one of the fastest-growing asset classes within private markets. Understanding what drives it and how it generates value is the first step in evaluating its role in a portfolio. Fundamentals of an asset class built for the long term Infrastructure encompasses essential assets such as energy, transportation, and digital networks, whose central characteristic […]
Fed: Rates unchanged, but internal divide grows
The Federal Reserve kept its benchmark rate unchanged at 3.5%–3.75%, in line with expectations. However, the vote revealed an unusual level of division, with four officials dissenting, the highest since 1992. While some policymakers pushed back against signaling future cuts, another voted in favor of lowering rates. Rising geopolitical tensions, particularly in the Middle East, […]
Inflation Rises on Energy
Energy pressures drive inflation higher Inflation in the United States rose in March, driven by higher energy prices amid geopolitical tensions. However, core inflation showed greater stability, indicating that underlying inflationary pressures remain contained. This dynamic highlights an environment where short-term movements may distort the broader picture, while the underlying trend remains the primary focus […]
Private Equity: Key Concepts
A simple guide to understand this asset class Private equity involves investing in companies that are not publicly listed, with the goal of improving their value and exiting the investment over time. These investments typically have longer horizons and depend on factors such as operational growth, market conditions, and exit opportunities. Unlike public markets, capital […]
Volatility: Navigating Uncertain Markets
Discipline and perspective in times of uncertainty Periods of volatility are a natural part of markets. While they create uncertainty, they also highlight the importance of maintaining discipline. In these environments, it is essential to recognize our reactions, put events into perspective, and stay focused on long-term objectives. History shows that despite recurring crises, markets […]
Holistic Due Diligence Is a Must
Due diligence isn’t just about validating performance metrics or checking boxes on operational risk. In alternatives—where relationships are long-term, structures are complex, and outcomes are path-dependent—successful DD must be holistic. It needs to reflect the full scope of what you’re signing up for: financial, operational, reputational, philosophical, and relational. In our experience—both at a pension […]
Fed Holds Rates Amid Uncertain Outlook
The Federal Reserve decided to keep its benchmark interest rate unchanged within a range of 3.5%–3.75%, amid persistent inflation, mixed signals from the labor market, and rising geopolitical tensions. While projections point to solid economic growth and a gradual moderation in inflation, higher oil prices and uncertainty related to the conflict in the Middle East […]
Start Simple: A Core-First Approach to Alternative Investing
The alternative investments world is growing fast, but so is the confusion around how to approach it. I’ve seen investors jump into alts with ambitious, exotic bets—venture funds, crypto hedge funds, distressed debt specials—before building a core foundation. That’s rarely a good idea. Just like you don’t start fixed income investing with high-yield EM debt, […]
Escalation in the Middle East and Markets
The United States and Israel launched airstrikes in Iran, marking an escalation that heightens global geopolitical tensions. Brent crude and gold moved higher following the attacks. While the conflict could increase short-term volatility, the current consensus is that there will be no prolonged disruption to global energy supply. Markets will remain focused on the Strait […]
