Investment Strategy

Alternative Investments in 2024: Our advice on what to watch

By almost any definition, 2023 proved to be the year of the “everything” rally.

The U.S. stock market soared, with the S&P 500 returning more than 26% for the year, and bonds made a remarkable comeback. The catalyst for this unexpected shift? Lower inflation, a surprisingly resilient U.S. economy and the prospect of easier monetary policy and declining interest rates in the months to come.

Looking ahead, we believe private markets have the potential to deliver competitive returns versus public markets, as well as diversification benefits. And, given the current interest rate headwinds, we think private credit may be a strategy to explore. Investors should consider the risks associated with private markets, however, and be prepared to gauge their potential impact on their portfolio.

Here, we look across the landscape of alternatives strategies and ideas for 2024: private equity, private credit, real estate, infrastructure and secondary strategies.

Private equity: In a world of opportunity, the potential to access sources of growth

Over multi-year time horizons, private equity has a historical track record of delivering returns and outperformance versus public markets—irrespective of economic booms and busts ¹.

The post-pandemic global interest rate reset, however, has proven challenging. Higher interest rates have meant a higher cost of leverage for private equity managers—creating a headwind to achieving target returns. Investors need to be mindful, now, of the balance between access to secular growth opportunities—such as those arising from artificial intelligence (AI), health care, security and fintech—and the leverage that may be embedded in them.

We see a sweet spot for private equity managers that use less leverage and focus their strategies on high quality companies that demonstrate durable growth. These managers often don’t need to rely heavily on rate-sensitive financing to take advantage of powerful thematic growth drivers.

Private credit: Stepping in, when capital is scarce, to provide financing

After the regional bank crisis of 2023, many financial institutions stepped back from the lending business, cutting their balance sheet exposure and tightening their lending standards. As a result, businesses in need of new financing are facing greater difficulty in securing capital: Bank lending has waned and public market debt issuance is still low, even though it is beginning to come back to life.

For private credit managers, however, the prevailing market environment offers increasing opportunities to step in and provide access to capital. Today’s elevated base rates have translated into higher yields for investors (see below), and the industry’s use of more protective loan covenants may provide greater investment security relative to other types of fixed income

Current direct lending yields continue to exceed those of other types of fixed income

Yield (%) by fixed income investment category

Source: Bloomberg Finance, Cliffwater, J.P. Morgan Private Bank. Data as of June 30, 2023

With interest rates higher than they have been in a decade, investment opportunities are appearing in certain rate-sensitive pockets of the economy. In the commercial real estate (CRE) lending market, for example, higher rates increase carrying costs for property owners, many of whom are now facing near-term debt maturities ². With regional banks now looking to offload CRE loans on their balance sheets, private credit managers are gaining access to new, potentially lucrative refinancing opportunities.

Similarly, companies with floating rate debt are also feeling the squeeze of higher costs, and signs of stress are beginning to emerge in the leveraged loan market (see below). Experienced fund managers may be well positioned this year to benefit from any resulting dislocations.

Interest coverage ratios for B-rated issuers in the U.S. loan market have deteriorated significantly

Source: Moody’s Investors Service, data as of December 2023.

Real estate: Valuations soften, but overall fundamentals remain relatively healthy

In recent months, despite numerous headlines about office vacancies and foreclosures, real estate fundamentals have remained relatively healthy across most property sectors—with the exception of office properties. Although property values have softened across most sectors, leverage levels remain in check and we see few signs of oversupply ³.

Looking ahead this year, we do expect some pockets of distress to appear, largely driven by near-term debt maturities. But we are also beginning to see opportunities to leg into investments in property sectors with secular tailwinds—such as single-family homes, life science offices and data centers—at lower prices ⁴. These lower prices could mean better entry points in high conviction property sectors and geographies.

Infrastructure: Structural macroeconomic transitions help drive potential returns

Of all private market segments, infrastructure has been one of the fastest growing thanks to its ability to help deliver diversification benefits and mitigate inflation, and its potential for consistent returns.

Over the past decade, the industry has evolved dramatically. No longer are infrastructure investments focused solely on traditional assets, such as utilities and energy. Now, infrastructure investments stand at the heart of structural macroeconomic shifts, such as the move away from fossil fuels toward more climate-friendly energy sources.

We see digital infrastructure, in particular, as a sector primed for growth as mobile data usage rises exponentially, markets rush to integrate “5G” or fifth generation mobile wireless networks, and companies seek to enable resource-intensive AI ⁵. Providers of data centers, fiber optic cables and cell towers can all benefit from these secular tailwinds.

Infrastructure returns have proven resilient through inflations cycles

Core infrastructure offers potential inflation mitigation and steady income

Source: MSCI, J.P. Morgan Asset Management; data as of June 2023.

Secondaries: Benefiting from an industry in need of liquidity

Institutional investors are often required to maintain portfolio asset allocations within specific ranges, and—with private investment distributions at their lowest levels since 2009—many investors are experiencing negative net cash flows for the first time since the global financial crisis (see chart below).

As a consequence, some of those investors may be forced to sell a portion of their existing private investment commitments in “secondary” markets, which enable them to find a buyer for those existing fund obligations—and either rebalance their portfolios or cover their liabilities. Individual investors with multi-year time horizons might want to consider investing in these opportunities. Although price discounts have tightened over the past several months, we still believe that value can be found.

For the first time since the global financial crisis, cash flow from limited partners has turned negative

Limited partner cash flow and net asset value (U.S. and Europe)

Source: Cambridge Associates, Lexington Capital Partners, Preqin. “Net cash flow to limited partners” defined as distributions less contributions; 2023 is a pro-forma estimate for 2023 based on Cambridge Associates’ data as of June 30, 2023.

We can help

The need to overcome today’s investment challenges presents a compelling reason to explore alternatives—and we think investors should explore them in 2024.

As always—and especially in alternatives—due diligence and fund selectivity are essential, as performance can vary widely across active managers ⁶. Many investors choose to partner with us to narrow the alternative investment universe because of our rigorous scrutiny of managers. Our in-house team performs extensive analysis and conducts on-site visits, examining the structure, operations, incentives and staffing on a manager’s team.

As one of the largest alternatives platforms, we set out to continually bring a carefully curated set of high conviction opportunities to help you realize your goals.

If you’re interested in learning more about our alternative investment platform, the latest opportunities, and how they may fit in your financial plan, speak with your J.P. Morgan team, or let us reach out to you by filling out the form below.

¹Burgiss (now part of MSCI); data as of June 30, 2023. Data from buyout strategies and vintage year defined by first cash flow. Includes mature buyout funds with vintage years between 1997 and 2017. “Direct alpha” measures the relative outperformance (or underperformance) of a private equity fund over a benchmark index as an annualized rate of return. Positive direct alpha indicates outperformance compared to the index return, and negative direct alpha indicates underperformance. The MSCI ACWI Index may not be representative of global public markets as a whole, but is used herein solely because it is a well-known and widely recognized index that covers approximately 85% of the global investable equity opportunity set.
²Emily Yue, “CRE Mortgage Maturities & Debt Outstanding: $2.8 Trillion Coming Due by 2028,” Trepp, December 21, 2023.
³Source: Green Street Advisors, MSCI, National Council of Real Estate Investment Fiduciaries , National Association of Real Estate Investment Trusts, J.P Morgan Asset Management; data as of September 30, 2023.
⁴Source: Green Street Advisors, MSCI, National Council of Real Estate Investment Fiduciaries , National Association of Real Estate Investment Trusts, J.P Morgan Asset Management; data as of September 30, 2023.
⁵Ericsson, Fujitsu, Parallel Wireless; data as of 2022.
⁶Division of Investment Management, U.S. Securities and Exchange Commission, “Private Fund Statistics: First Calendar Quarter 2023,” October 16, 2023. Top- and bottom-quartile private equity managers, for example, on average, demonstrate a 20% performance differential. In hedge funds, the difference is 14% between top-quartile and bottom-quartile performing managers. Sources: Burgiss (now part of MSCI), National Council of Real Estate Investment Fiduciaries, Morningstar, PivotalPath, J.P. Morgan Asset Management. Manager dispersion is based on the annual returns for hedge funds and global private equity, and represented by the 10-year horizon internal rate of return (IRR) ending 2Q 2023. Data are based on availability as of November 30, 2023.

Five alternative investment strategies that can potentially help investors capture returns and meet financial goals

Jay Serpe Global Head of Alternative Investments , Strategy & Business Development

Published Feb 9, 2024

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

We can help you navigate a complex financial landscape. Reach out today to learn how.

Important Information

KEY RISKS

Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments involve greater risks than traditional investments and should not be deemed a complete investment program. They are not tax-efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. The value of the investment may fall as well as rise, and investors may get back less than they invested. Diversification and asset allocation do not ensure a profit or protect against loss.

Private investments are subject to special risks. Individuals must meet specific suitability standards before investing. This information does not constitute an offer to sell or a solicitation of an offer to buy. As a reminder, hedge funds (or funds of hedge funds), private equity funds and real estate funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum.

This material is for informational purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

Non-Reliance

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

Legal, Entity, Brand & Regulatory Information

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In Belgium, this material is distributed by J.P. Morgan SE—Brussels Branch with registered office at 35 Boulevard du Régent, 1000, Brussels, Belgium, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE Brussels Branch is also supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium; registered with the NBB under registration number 0715.622.844. In Greece, this material is distributed by J.P. Morgan SE—Athens Branch, with its registered office at 3 Haritos Street, Athens, 10675, Greece, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Athens Branch is also supervised by Bank of Greece; registered with Bank of Greece as a branch of J.P. Morgan SE under code 124; Athens Chamber of Commerce Registered Number 158683760001; VAT Number 99676577. In France, this material is distributed by J.P. Morgan SE—Paris Branch, with its registered office at 14, Place Vendôme 75001 Paris, France, authorized by the Bundesanstaltfür Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB) under code 842 422 972; J.P. Morgan SE—Paris Branch is also supervised by the French banking authorities the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.

This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).

In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction.

JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

This material has not been prepared specifically for Australian investors. It:

May contain references to dollar amounts which are not Australian dollars;
May contain financial information which is not prepared in accordance with Australian law or practices;
May not address risks associated with investment in foreign currency denominated investments; and
Does not address Australian tax issues.

References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team.

Choose a regional site for content and services specific to your location.

FEATURED SERVICE

FEATURED SERVICE

FEATURED SERVICE

FEATURED SERVICE

What's Trending

TRENDING INSIGHT

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

What's Trending

How can we help?

Choose a regional site for content and services specific to your location.

Alternative Investments in 2024: Our advice on what to watch

Private equity: In a world of opportunity, the potential to access sources of growth

Private credit: Stepping in, when capital is scarce, to provide financing

Current direct lending yields continue to exceed those of other types of fixed income

Yield (%) by fixed income investment category

Interest coverage ratios for B-rated issuers in the U.S. loan market have deteriorated significantly

Real estate: Valuations soften, but overall fundamentals remain relatively healthy

Infrastructure: Structural macroeconomic transitions help drive potential returns

Infrastructure returns have proven resilient through inflations cycles

Core infrastructure offers potential inflation mitigation and steady income

Secondaries: Benefiting from an industry in need of liquidity

For the first time since the global financial crisis, cash flow from limited partners has turned negative

Limited partner cash flow and net asset value (U.S. and Europe)

We can help

TAGS

In this article

you may also like

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

Trending Insights

Important Information

You're Now Leaving J.P. Morgan

What's Trending

What's Trending

What's Trending

What's Trending

How can we help?

Alternative Investments in 2024: Our advice on what to watch

Private equity: In a world of opportunity, the potential to access sources of growth

Private credit: Stepping in, when capital is scarce, to provide financing

Current direct lending yields continue to exceed those of other types of fixed income

Yield (%) by fixed income investment category

Interest coverage ratios for B-rated issuers in the U.S. loan market have deteriorated significantly

Real estate: Valuations soften, but overall fundamentals remain relatively healthy

Infrastructure: Structural macroeconomic transitions help drive potential returns

Infrastructure returns have proven resilient through inflations cycles

Core infrastructure offers potential inflation mitigation and steady income

Secondaries: Benefiting from an industry in need of liquidity

For the first time since the global financial crisis, cash flow from limited partners has turned negative

Limited partner cash flow and net asset value (U.S. and Europe)

We can help

Subscribe and Stay updated

TAGS

Share

In this article

you may also like

EXPERIENCE THE FULL POSSIBILITY OF YOUR WEALTH

Trending Insights

Important Information