A look ahead at the LP playbook
Portfolio construction adjustments are in store for allocators next year. In 2023, LPs found themselves in uncharted waters with a frosty dealmaking environment and crippled exits suffocating distributions. As we move into 2024, these jilted fiduciaries are re-evaluating the newfound risks and opportunities for their portfolios.
Our 2024 Allocator Outlook explores these recent developments and potential paths forward for LPs and their private market allocations. We focus on three factors that impact return expectations across asset classes: valuations, relative attractiveness to public markets, and the supply of available capital.
Table of contents
| Overview | 1 |
| Economic developments | 4 |
| Potential paths forward | 11 |
| Implications for asset allocators | 13 |
| Concluding remarks | 26 |