Interest rate uncertainty has contributed to restrained transaction volumes across private markets. In our view, the high volume of dry powder requires a disciplined approach to transaction underwriting at this point in the cycle. For many of our clients, we believe pooled private market funds have been their primary way to secure access to private markets. Marked valuation corrections may provide an attractive entry point to real estate and venture capital. We think tactical views need to be supplemented with longer-term tilts in favour of specific subsectors and themes within private markets.
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