Market
Memos From Howard Marks: What’s Going on in Private Credit?
The Road Ahead
2026 Midyear Outlook
Seeking Resilience in Turbulent Times
Our midyear outlook explains how alternatives can potentially help investors navigate this market volatility.
2026 Midyear Outlook
Nicole Pecararo, Senior Vice President for the Alts Institute, discusses our midyear outlook for alternatives amid growing economic and geopolitical uncertainty.
The Portfolio Lens
As Howard Marks, Co-Chairman & Co-Founder of Oaktree says, "You can’t predict but you can prepare."
To help prepare, we’ve created actionable insights via our Alts Institute that provide the foundational expertise, asset allocation perspectives and best practices that can help investors better understand opportunities in alternatives.
Investors are looking for ways to address their concerns and support portfolio resilience during periods of uncertainty. We believe that alternative investments are one potential solution during certain market environments.
The Portfolio Lens: Geopolitics
Amid shifting global dynamics, investors may question whether their portfolios can withstand ongoing uncertainty. Although many investors say geopolitical events make them hesitant to make significant changes, in today’s environment, inaction can also feel risky.
The Portfolio Lens: Liquidity
Evolving market conditions have brought liquidity considerations to the forefront, with investors increasingly focused on access to capital across different market environments. While these concerns are valid—particularly for vehicles with limited liquidity—we believe they should be viewed in the context of the asset class’s structure and objectives. Periods of market dislocation can create attractive opportunities in private markets, where long-term capital is often better positioned to take advantage of inefficiencies.
The Portfolio Lens: Inflation
Inflation remains top of mind for many investors. Rising costs have challenged assumptions around spending, retirement and long-term financial plans, leading investors to reassess whether their portfolios are positioned to not only preserve purchasing power, but also to support their long-term investing goals. While these concerns are understandable, they also highlight the broader range of investment opportunities, including private markets, that can help enhance diversification and build resilience against inflationary pressures.
Investing in the Real Estate Recovery
Global real estate markets have undergone a reset. With favorable fundamentals, moderating interest rates, and valuations still below prior peaks, we believe it is worth considering investing into high-quality real estate sectors.
The Opportunity
A Reset is Underway
After a period of adjustment, the market is entering a new phase, guided more by fundamentals than momentum.
Commercial Property May Present Potential
Discounts to replacement value, in combination with historical recovery trends, present possible opportunity.
