Earnings Peak ConcernAnalysts suggest that the market may be at 'peak earnings' due to recent trends in the SOFR curve and liability repricing.
Investor SentimentInvestor appetite is largely coming from ex-US (at lower and lower fees) and in retail, which adds to cyclical risk.
Market DynamicsFlows are strong compared to other private markets classes, but still challenged with pension funds due to overallocation, and parts of that market may structurally shrink over time.