Private assets: building a new return architecture for allocations over the decade ahead

Private assets: a new return architecture

Summary

Key Takeaways

For private and alternative assets, the new regime highlighted throughout our 2026 CMA has two critical implications: first, higher nominal discount rates structurally cap valuation multiples, compressing the gains from the multiple expansion that defined the previous decades; and second, income and operational value creation remain at the driving seat of return generation.
Headline returns remain attractive versus liquid counterparts, but illiquidity and complexity premia are less generous than a decade ago, raising the bar for manager selection and vintage discipline.
Starting from this year, we have decided to harmonise the returns of private and alternative assets moving them to a net of fees standard to make them comparable with liquid assets.

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Private assets: building a new return architecture for allocations over the decade ahead

Summary

Key Takeaways

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Read the full article on the Amundi Research center

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