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The Future Of Alternatives From A Global Perspective W/ Shifra Ansonoff – Pt. 1

ILB 27 | Future Of Alternatives

The world markets continue to shift and change. What is the future of alternatives for investors across the globe?  Bob Fraser, Jim Maffuccio and Ben Fraser look at the shape of what’s coming with Shifra Ansonoff.  Shifra is the head of Global Research at Preqin. In this episode, she shares her insights on what to expect when investing in alternative assets. Tune in for a great lesson on markets and managing risks in today’s economy.

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The Future Of Alternatives From A Global Perspective W/ Shifra Ansonoff – Pt. 1

We are excited about this episode. This is an interview with Shifra Ansonoff. She is the Global Head of Research at Preqin.

She is a data superstar.

She did not disappoint. She came with about ten slides of deep analytics and data. She came with a real macro perspective, which is our passion as “Invest Like a Billionaire” experts. Getting the macro picture informs everything else. I started a dot-com in the mid-‘90s. It was a good time to start dot-com. I knew friends who started dot-coms in 2001, which is not a good time.

The point is that, if you know what time it is and you invest with the wind at your back, it’s a whole lot easier to make money. Even your mistakes don’t matter as much as when you get the timing right. That’s why we loved focusing on economics, and Shifra is an expert here. Let’s figure out where the tides, the big picture are going, and it informs our investment.

One of the cool things about Preqin is they are not only US-focused. They are a global organization with over a thousand employees and come all across the globe. It’s this healthy holistic picture of what are the trends happening, not only in the US but in Europe and Asia.

You will be a much more successful investor if you understand the global markets because America, as big as it is, is only a fraction of the global GDP and investment destination. You want to know what the rest of the world’s money is doing. She brings a wealth of data from across the globe. If you want to download the slides, we will have those available on our website, which is TheBillionairePodcast.com. You can download those. Within the slides, she provided a complimentary report that you can download freebie on alternative investments.

If you are enjoying this show, we appreciate you subscribing to your preferred platform of choice. If you like the show, we love your support through a review. We have been propelled into the top 10% of podcasts. We are super grateful for our audience and the support you have already shown for this show. Lastly, if you are interested in getting notified about potential investment opportunities, we have an Investor Club that you can join if you go to our website, AspenFunds.us. At the top there, you can see the offerings tab and click on that. It will take you to the Investor Club, where you can sign up to get notified of potential opportunities. With that, enjoy the episode.

Shifra, thank you so much for joining us on this episode.

This is a special moment for me. Here is a true data nerd, if I can say that. That is a compliment.

I love it. Geek is chic.

Give us a little bit of background for Preqin for some of our audience who may not be familiar with the scale you have in this space.

Preqin has been in the business for several decades. We call ourselves a home of alternatives. We are the go-to for market intelligence on alternative asset classes. When we are talking about alternative asset classes, we include private capital, inclusive of private equity, venture capital, real estate, natural resources, and infrastructure, as well as hedge fund asset classes.

One of the differentiators for us is, not only do we look at public filings and third party sources, Freedom of Information Act, given the opaqueness of the market with a very high touch approach where we have researchers stopped across the globe with the goal of forging relationships directly with GPs and LPs to gather information to journalistic conversations, information that isn’t readily available in all markets, whether it might be on the allocator front.

What are your future plans? What are your strategies on the GP front or target IRR? What are your returns on the fund level? They don’t have to divulge necessarily. This is the information we take altogether. Comprehensively, we have 171,000 subscribers of Preqin Pro, which is our platform. We established effectively a network where GPs and LPs can identify one another. They find each on our platform. They identify what they are looking for. We are also building out a deals database and students as well on the private side.

How many analysts do you have on staff?

We have 400 plus analysts collecting not only the third-party sources but also the journalistic community.

You are huge and have a global footprint as well. I have traveled quite a bit. America is where most of our media come from what we read, and are aware of. We live in a global world. In investing, you need to be aware of what’s happening globally. Do you have this global footprint with fifteen offices across the globe?

Yes. I’m normally based in New York.

The whole point of our show is to aluminate this whole world of alternatives investments where institutional investors have been investing in these asset classes for many decades in very large allocations but the average high net worth or retail investor has not. Our goal here is to provide the education and illumination around these things. Talk a little bit about your background. You have had a very cool background working at BlackRock at one point and are now the Global Head of Research.

If I would summarize, several decades of my career have been spent on the tech side. My focus has always been on other providing data or investment technological solutions to institutional customers. I had the pleasure of working with the front, middle, and back-office processes on investment processes with all types of customers, insurance clients, hedge funds, and asset managers heavily from my years of experience at BlackRock. I was with Bloomberg initially. I also was with Axioma, a premier provider that the risk models, portfolio, optimization modeling. I pivoted to Preqin on the alt side of completing that whole circuit of all asset classes, which is great.

We first wanted to dive into the research you have done on the Future of Alternatives. You put out a great piece. We will talk about that at the end. Talk about the growth you are all are seeing and tracking in alternatives.

Preqin has been in the business for several decades. It is the home of alternatives. It is the go-to for market intelligence on alternative asset classes. Click To Tweet

Before she jumps in there, we might say, “If you want, stop reading, and go pull it up on YouTube,” because Shifra provided us with some great data and charts. We are going to get some visuals here.

Alternative assets under management is approximately $13 trillion as of 2021. Our projection is that it will grow at 11.7% to exceed $23 trillion in 2026. In terms of the way that this breaks down digitally, the largest segment of these assets is the private equity portion. Our representation of private equity incorporates venture capital. Approximately 5 groups with $3 trillion are the summation of the PEBC.

That is a lot larger than real estate, which was surprising to me. Is venture capital the largest component of private equity you are measuring?

It is not. The way that breaks down is this $3.65 trillion of that is a private equity, and $1.7 trillion is venture capital. The venture capital has tripled since 2016. It was around $537 billion, and it triple to $1.7 trillion. We are expecting it to achieve $3.5 trillion in 2026.

Venture capital?

Yes. Private equity is going to be run from $3.65 to $7.62 trillion based on our projections. On the real estate side, we recognize that we don’t have all structures on Preqin Pro, particularly if there are separate accounts. We know, for instance, the core part of the market may be underrepresented. Largely, what we are seeing from a growth perspective is at least private equity and venture capital will be the biggest segment and will remain so in 2026.

Is this representative of the US only or at a global level?

It’s global.

How much of the VC world is the US? What is it that you are measuring? It seems like it’s got to be the lion’s share.

North America is the center of gravity, 100%. I would say at the top of my head, 60% is North America. Europe has a developed market. The Asia Pacific is growing in leaps and bounds on the venture capital front. The number was around $762 billion in assets under management for VC for the Asia Pacific. That was a 20% growth in 2021. We see a lot of interest in the Asia Pacific, with China and the regulatory landscape and GP growth being slow outside of China, Singapore, India, Indonesia, and South Korea, huge investments.

India challenges China in a track in VC. India had around 46 unicorns in 2021 and huge sums of money. They had recorded $14 billion in deals in Q3, which is a doubling of what was seen in Q2 around $7.4. They had ed-tech. It’s huge. At once, China was closing the doors there. BYJU, Think & Learn, and UpGrad Education is huge in India.

What is driving this growth? I am looking at your chart. Back in 2010, it was $4 trillion. It has accelerated so much in many years. This whole landscape, didn’t it begin around the 1990s with the Yale endowment and shift into alternatives? The growth, is this the rest of the world catching up to what the pioneers in the US were doing? What’s the big picture here of what’s driving alternative growth?

I would say that the private equity VC has the highest risk-adjusted return, and we have seen it. Endowments have done phenomenally in 2021, and we saw the news around that. Yields are very low in the market and interest rates.

In Europe, you mean?

ILB 27 | Future Of Alternatives
Future Of Alternatives: When we’re talking about alternative asset classes, we include private capital, inclusive of private equity, venture capital, real estate, natural resources, and infrastructure, as well as hedge fund asset classes.

In Europe, negative yields. In the US, it’s going up. It was like 210 but it’s still not at a level that’s giving reasonable returns. We see that shift where a lot of pension funds are taking a piece of alternatives increasingly. We are seeing regulations relax in a lot of markets that traditionally have not been allocated. That’s where the returns are.

That’s where the returns are, especially when you are fighting negative yields. That’s chasing capital out of traditional buckets if you want to pay the bank to hold your cash or maybe invest in something that’s going to get you some yield.

It’s interesting to see in the last several years you have here about a 10.7% compounded annual growth rate of alternatives, and it’s accelerating over the next years. You have it forecasted 11.7%. We have been talking about this big shift into alternatives already in the past years but it’s accelerating per the data you are collecting. Does a lot of that, maybe more developing countries, come into this or is it still accelerating in the US as well?

It’s developing markets. I have a slide on that, investing across the borders. We see increasingly a larger proportion of investors that are non-domestic investing in other markets. For instance, Israel. We saw 83% of deals in 2021 were now domestic investors. That was up from 71% in 2000.

Does that mean that non-Israelis are investing in Israeli markets?

Yes.

Is capital flowing across borders? It’s the same in Latin America.

Hundred percent. Latin America as well. About 60%, and that was from 45% in 2020. There are a few reasons for this. One, in the case of Latin America, emerging markets are in favor. We run investor surveys and unmanaged of services. We see that come up increasingly. Another reason is there is a certain venture tech ecosystems very special in certain markets like cybersecurity in Israel, for instance. The other thing is that COVID seems to have leveled the playing field. It didn’t matter if you were 9,000 miles away from where you were from Silicon Valley. Zoom seemed to have a level playing field.

Break it down again. We have talked about what private equity comprises in prior episodes. I would love to hear your explanation of what makes up the lion’s share of private equity. These are generally more mature companies that are either public and being taken private or they can be leveraged buyouts. What are some of the things that comprise that world of private equity? It is a very large piece of this growth.

Certainly, leverage buyout is a huge component. Longer-phased investments are in it for the long haul. It’s a lot less risky in venture capital. Those are the components that we see there. On the VC side, if I were to compare, a much higher risk than private equity earlier stage if you are trying to get in there.

What’s driving the higher risk-adjusted returns in those sectors? The leverage is so cheap, and these are operating companies that can generate very high cash-on-cash returns.

We see these markets move in concert with public equity markets. There seems to be a correlation there. We see levels coming down. A few other reasons that we see valuations high. What we have noticed is that during COVID, there has been a greater interest in allocating to more seasoned fund managers. We are seeing increasingly fund managers issuing later rounds of the different investment opportunities. There are less flows going to the earlier stage or startup funds. You are paying a higher price for that. Another piece is more institutional flow is coming in. We see larger ticket sizes on average and valuations in general. That seems to be all of this.

We have heard this in other areas but the flight to quality and focusing on the seasoned managers, is that indicative of pre-empting, maybe volatility in the markets, wanting to make sure to reduce risk and those things?

Yes. You tend to see that in times of stress 100%. One of the things we are also seeing that’s interesting is that on the VC front, we are seeing hedge funds and private equity start to allocate to VC and increasingly crossovers, a higher preponderance of that. We had 854 of those deals in 2021. That was a rise from the 500 level in 2020. Tiger came out and said they are investing and allocating the VC. One thing we also charted is that we saw a lot more flows to the later stages like the B and the D rounds. Tiger came out and said, “We want some earlier stage.” Even though the values are so high, if they go earlier, the phase might do a little bit better.

Longer-phased investments are in it for the long haul. It's is a lot less risky in venture capital. Click To Tweet

The VC markets may be changing here with the return of volatility of the markets. It shuts down the exit window, the IPO window a little bit. It’s hard for hedge funds to do super well when the market has been on an unmitigated terror straight up since 2009. Hedge funds can’t necessarily compete. With the return of volatility, it’s likely that hedge funds are going to start outperforming again as they have in previous periods.

We can talk about hedge funds too if you want to pivot there.

Let’s jumped to the private debt because that was interesting.

Private debt is expected to be the fastest-growing asset class of alternatives, with 17% cover growing from $1.2 trillion in assets to $2.69 trillion. Private credit is hot. It’s interesting if you look at the growth. 2020 also had a big year for credit. Initially, the thought and the flows were going to distrust that, “That’s going too big,” but then we had the government support. That fizzled.

Direct lending has taken over. It’s double the AUM of distress net. The other thing that’s interesting on private debt is a dry powder. The dry powder is the orange portion. You can see increasingly that it has been increasing over time. It has been up 35% of $3.64 billion in 2020. That was the distress. If you look at the funds in the market, 52% of funds in the market, as of October 2021, were direct lending.

The dry powder is cash sitting on their balance sheet looking for deployment?

Hundred percent but what’s also interesting is not only is it increasing but it’s the smaller proportion of the total lien went over time. You can see that visually. There are the capital’s being deployed. These opportunities are there.

What’s driving the growth in private debt? I’m thinking about what this is. We are seeing a lot in the real estate space. You’ve got these bridge lenders taking advantage of a gap in the funding where the traditional bank funding is not meeting the needs with the advance rates, so the bridge lenders are stepping in. What’s driving this growth in private debt?

Is this mostly debt that’s secured against real estate or is it encompassing all different types of things?

It’s encompassing everything. It’s not specific to real estate. Private debt is a nice alternative to the public markets. You can get a better yield. That’s the big draw in the alternative there. They tend to be somewhat protected even from inflation. There’s a floating rate element to it, so your duration is not like a long-term bond particularly. There are a lot of attractive aspects of the private debt market. We are seeing a lot of deal flow there, very strong interest. It’s a nice alternative to have exposure as well.

We had an interview with a venture debt fund a few episodes back. It’s very compelling because you get these great yields. This is lending to venture more bootstrap startups. They also get these equity kickers. You get the best of both worlds. You are getting a nice yield. You are protected for your downside but then you do get to participate in the upside if it does happen. I can see that.

They are getting equity like returns but debt like risk. Debt is going to have a big advantage in cashflows and risk mitigation.

Talk a little bit about some of these niche strategies.

We saw the highest info in the niche category for hedge funds. It’s interesting. Niche is 1 of the 2 categories of hedge funds that had more fun launches and liquidations. The other one was equity strategies. Before the meltdown in 2018, we saw huge outflows on the hedge fund side. Investors worked and shined. In the first half of 2020, the growth of the pandemic still has some outflows. Given the divergence and the market dislocations, there were some good returns in 2020. Investors seem to have rewarded the asset class. We saw some inflows coming back in the second half of 2020.

ILB 27 | Future Of Alternatives
Future Of Alternatives: During COVID, there’s been a greater interest in allocating to more seasoned fund managers. We’re seeing increasingly fund managers issuing later rounds of the different investment opportunities.

In 2021, we saw an 11.4% return for hedge funds based on our estimates as of September of 2021, 15.5% annualized. It’s that underperforming on an absolute basis at the public markets but on a risk-adjusted basis for sure, they are outperforming public markets. One thing that we use is the Omega ratio. It is like a sharp ratio but it has the other moments, kurtosis, skewness. The higher the number, the more justified you are in taking on the investment effectively. The cryptocurrency strategies had a 3.67% Omega, which is good. The other niche, not so much. They are lower 2.1%. It is interesting when you look at the numbers.

You will wonder if that’s going to continue. Who knows what the future of crypto is?

It is interesting. Here on your chart, you have net returns and also the three-year volatility, which is in kind with the returns there. It’s still very volatile.

Looking at the chart, Q1 was up, Q2 was up, and Q3 was down. It is very volatile. What we are projecting and hoping is that the fund managers of these types of funds can figure out ways of better hedging across the variations in the market. We expect that this will be further in demand with investors.

It’s very difficult. The financial plumbing is not there around cryptos yet. For example, you can’t buy options or swaps, at least. They are starting to come but they are pretty thinly traded. Talk a little bit on the hedge fund. We alluded to this. You did some research on hedge funds, how they perform, and when they perform best.

From our research, in periods of volatility, hedge funds can outperform, given the whole point of what they do and the purpose is hedging. A lot of them have underperformed quite substantially in the past. It appears to be that tides are shifting a little bit. With volatility, we have already seen the first part of 2022. Talk about what you are seeing in the hedge fund space. We are seeing some net cashflows into hedge funds.

On the systems, we ignore the asset class. It’s not the fastest-growing. We are expecting it to grow from approximately $4 trillion to $5.4 trillion in 2026. It’s certainly something that you should have some type of exposure to. You have to be choosy and make sure that you are researching the credentials of the fund manager. We believe it will continue to be in favor of the investor community.

I would love to see the distribution. You’ve got a couple of great performers. You are showing the averages but it’s easy to pick a loser in this space. It’s the same with private equity and venture capital.

The survivorship bias in data, too.

Explain survivorship bias.

The idea is that you are going to have a lot of funds that don’t make it. When you look at the data and the returns, you are charting only those that do.

They disappear from the data sets.

You are over-representing the markets to a certain degree.

The investing across borders is an interesting piece we wanted you to highlight, given your position in the market, Global Head of Research. A lot of our investor base is very limited to domestic US opportunities. To see what’s going on at a global level is fascinating and how that even drives a lot of what we see in the appetite for risk and returns in the US and abroad.

Private debt is a nice alternative to the public markets. You can get a better yield. That's the big draw in the alternative there. Click To Tweet

North America is the center of gravity in a lot of these markets. The need for diversification is there. A lot of the flows that we see coming in the Asian Pacific and other markets are coming from North America or global firms that have a footprint as well. I see that continuing. Asia had the fastest growth, percentage-wise. It’s smaller to begin it because of that. We have proven with COVID that it doesn’t matter. You can be choosy and discerning about where you invest. We have teams in Dubai and a lot of investments all over the world that our investors are starting to look at.

What’s driving the appetite for emerging markets? Is it that search for yield? What’s driving the comfort for the other risks that you take on when you invest in an emerging market?

It is the search for yield. A lot of companies in the US are very overvalued. If there is an opportunity, build out something from the ground up. At one point, I ran a team in Argentina. I was impressed with the caliber. There are a lot of parts of the world that we can see amazing ideas that can emerge from.

There’s a lot of internet talk that high-profile fund managers and others talking about China’s future in all this. Partly I want to laugh. It’s like, “Are we going to take all of our bank accounts and invest in the Chinese Communist Party-controlled country?” America is still the best destination. If you look at real estate values compared to Asia and Europe on a value basis, it’s still better. We look at financial plumbing and the Rule of Law. America is a great destination. I can imagine Europeans searching for yield or the best place to park a lot of capital. America is still going to be top on the choices. We are seeing a lot of capital flows to America. Is that what you are saying?

Yes, that’s the predominant destination for sure. Before the whole conflict that we are experiencing with Russia, Central Europe was a very interesting place where we were seeing money flowing. A lot is changing for sure.

What’s the data that you are tracking with China? In our circles, a lot of folks are concerned that the US may lose its position as a reserve currency. China is a very large country with a large economy. Is that something that you have seen as a big shift over time? We are on the other side of that argument a lot of times. Ray Dalio wrote a book on The Changing World Order and made this case why China is the future.

America’s time is up.

We don’t see that but I would love to see from your perspective what you are seeing.

In 2021, we predicted that it would have the highest growth potential. We are building out teams there. It’s certainly a very attractive place still to invest. We will have to see how things shake out at that time. Certainly, our assumptions have changed. A lot of our forecasts are based on history. We have to continue to shift.

When we were looking at our forecast, we were too conservative. We were initially forecasting in the throes of the pandemic and we reset. On the real estate side, we were projecting a 3.4% CAGR back in 2020 because we felt real estate was suffering. We have raised it up to 7% since then. We have already surpassed the asset under management that we were predicting in 2025. It’s going to change the Zero Code policy 100%.

Let me jump to the record year for venture capital.

This is a fun one. It’s very interesting here. You can see the chart on the left is circled. We had an all-time highest record, $187 billion in aggregate capital that was raised in venture capital globally. That was across 1,400 months. If you can see the bars in the chart that represents the number of funds that have been closed in the venture, that has been coming down.

There’s more capital raised across a smaller number of funds. Going back to valuations, ticket sizes, the average fund sizes have grown. The chart on the right talks about the projected work fundraising. We can see that starting in 2025, we will cover above $200 billion in assets under management to achieve $209 billion in 2026.

Venture capital is generally investing in earlier-stage companies. You are saying within that private equity, a subset of the data with the first chart, that’s going to make up a big part of the growth going forward is the venture capital side of this. Is that right?

ILB 27 | Future Of Alternatives
Future Of Alternatives: North America is the center of gravity in a lot of these markets. The need for diversification is there.

Yes. Side knowing, that’s more on the venture side where we are talking on the deal side, the level of aggregate deal value that’s raised. Also, you can see $470 billion or so, and the number of deals has come down over time. It’s the same thing, same concept, and a higher deal value on an average level. We surveyed our investors and fund managers. What is the number one challenge facing venture capital returns? Both fund managers and investors were aligned, and valuations were the number one challenge that they see starting to go up.

You put in the slides a little QR code for a free download of your 2022 predictions for alternative assets. Take advantage of that. I opened that up and read through that. I was going to point out the stat you said. The second most challenging was a competition for deals. I can imagine all of this. You’ve got lots of money chasing very few amounts of deals, and how many great unicorns are they going to be. At some point, it’s going to be a little saturated.

It is interesting breaking down the data. This is simple math if they are raising more money. There are less deals and funds to spread it across. That means valuations are increasing. How much of the growth in this sector is basically only valuation growth, not even new entrance of new companies raising capital? Where do you seeing it?

We see valuation primarily. It is very hard on first-time fund managers. It’s increasingly very difficult. For first-time fund managers, this represents real estate but it’s the same concept. We have seen first-time fund managers struggling. The proportion of funds closed by first-time fund managers plummeted in 2021. If you want to make it in the space and start a fund, you need to differentiate yourself.

A lot of the flows are going to the seasoned managers. We are also seeing another interesting stat on there. In 2011, first-time managers secured 54% of experienced managers’ average fund size, $184 million versus $341 million. In 2021, that dropped to 31% of the average fund size, so $168 million versus $542. Increasingly, that’s how we are seeing that play out not only in real estate but in VC and private equity as well.

That is the same driver to de-risk a little bit and go with more experienced managers to achieve better risk-adjusted returns. Is that the same concept?

Bingo. That is what we think.

It gets more into the economic side of things but when valuations get this high, a lot of times, there’s a reversion at some point in the private equity space and venture capital that’s interesting. It’s something to keep an eye on with the valuations there.

It seems like we have entered this thing since 2009, where we have ended the business cycle or there has been an attempt to end the business cycle through monetary policy. It keeps rates incredibly low and QE programs going, and markets go up. We love inflation as long as it is dealing with our asset prices, not our consumer prices. It’s a regime change because you used to have a pretty clear business cycle. It’s easy to buy at the bottom, and now there is no bottom. It keeps going up.

You have mentioned inflation. Inflation is interesting if you want to talk a little bit about it. Slide ten talks about venture capital. We have run in theoretical studies to measure the impact of inflation on various asset classes and alternatives. What’s interesting is we didn’t see a strong suits statistical significance at all with VC and inflation. We see it more with private equity on the leverage file side because of the cost of cash. On the VC side, rather we see the aftermath.

In an inflationary environment, governments will raise rates. At that point in time, investors tend to allocate a wave from the risky or asset classes to interest-bearing securities, which makes sense. As rates go up over time, you see that the aggregate capital raise goes down. Although it’s not a very strong relationship, it shows a similar concept. You can see fewer deals are completed.

Explain that to me. When interest rates go up in inflation, why are there fewer deals happening?

Valuations, in general, when you have a higher grade, they will come down. That seems to be contributing there.

That makes sense.

This is venture capital, so it’s not private equity that would be impacted by the weighted average cost of capital?

If you want to make it in the space and start a fund, you need to differentiate yourself. Click To Tweet

This one happened to be a VC chart that I showed. In private equity, we did see more stronger statistical significance. These are more imputable relationships there.

What are the bigger macro drivers you are seeing internationally that maybe US investors are more limited in their understanding? Maybe sum up some of the big picture, broad strokes, thoughts on the future of alternatives and where this is going, and the opportunities are. As investors are bringing this back down to a practical level, we all want to outperform on the upside and underperform on the downside. What are the opportunities for investors to look into?

It is broadly on private equity venture capital. We see a lot of potential new ideas and technologies coming to market. We are going to talk about real estate but there’s certainly a lot of opportunity on the core side of real estate. The Asia Pacific, historically, has been undervalued. There’s a lot of potentials there as well. New funds every day in Singapore are being brought to market. Be open-minded and discerning. There are going to be whole retailization bolts as well. That’s a theme in the industry. We are going to see opportunities for people to get involved with alternatives. Keep your eyes and ears open. Don’t ignore hedge funds for sure.

What do you mean by retailization? Is that the crowdfunding side of things?

Opportunities where these are some themes that we are starting to hear about emerging on the institutional side, where we will be able to allow retail investors should have a piece of the pie at certain types of vehicles and products but some exposure alternatives. It’s something that we are exploring a bit.

Shifra, this was super interesting. Thank you so much for all the data here. For those that are reading, I encourage you to go back and watch this on YouTube so you can follow along on the slides. We will make these slides available to download. As Bob mentioned, Shifra did us a great service by providing a free report that you can scan with your phone. There’s a QR code in the slide deck.

You can get the complimentary report, and it is Alternatives in 2022. There’s a second one, which is Women in Alternatives 2022. These are free reports. Shifra, thank you so much for coming on. Readers, stay tuned because we’ve got part two coming on another episode talking all about real estate. We are excited about that one.

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About Shifra Ansonoff

ILB 27 | Future Of AlternativesShifra Ansonoff is the Global Head of Research at Preqin, the premier alternative investment data analytics firm, with more than 1,000 employees around the world. In this episode, Shifra shares in-depth data about the projected growth in different alternative asset classes, including private equity, venture capital & hedge funds.

She discusses emerging and niche asset classes and global trends in alternative investing. She also dives into the drivers behind the projected growth in these asset classes, focusing on a global macro perspective.

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