Written in accessible language, Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate addresses the challenges and opportunities with investing in the private markets, including understanding the merits of the asset classes - private equity, private credit, and private real estate - product evolution, and the structural tradeoffs, and how to incorporate these versatile and valuable tools in client portfolios.
This book leverages Tony Davidow's 40 years of experience working directly with advisors and high-net-worth families/ ultra-high-net-worth families. Davidow is an award-winning author and has also been recognized for building Franklin Templeton's alternative education program (2023 recipient of the “Wealthie”). Topics discussed in this book include: - How private markets can be used to increase the likelihood of achieving client goals? - Examining the historical risk and return characteristics of the private markets relative to their public market equivalents. - Exploring the benefits of private markets including the potential for higher returns, an alternative source of income, diversification, and hedging against the impact of inflation.
Now that private markets are available to a broader group of investors outside of institutions and family offices, Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate is an essential resource for all financial advisors and individual investors who are considering allocating capital to these once elusive investments.
Table of Contents
Foreword xiii
Acknowledgments xix
Introduction 1
Chapter 1 Defining the Private Markets - Why Now? 11
Chapter 2 Democratizing Private Markets 31
Chapter 3 Exploring the Merits of Private Equity 57
Chapter 4 Private Credit: The Emergence of a New Lender 77
Chapter 5 Private Real Estate - Not All Sectors Are Created Equal 95
Chapter 6 Secondaries: A Vital Part of the Private Market’s Ecosystem 113
Chapter 7 Real Assets - Infrastructure and Natural Resources 129
Chapter 8 Asset Allocation and Portfolio Construction 145
Chapter 9 Total Portfolio Approach 167
Chapter 10 The Future of Wealth Management 179
Chapter 11 Macro-Outlook for Private Markets 197
Chapter 12 Private Markets Come to Main Street 217
Appendix 235
Glossary of Key Terms 237
Third Party Content Providers and Disclosures 243
About the Author 249
Index 251
