We foresee a new chapter in the institutionalisation of alter-native assets, with new products and solutions emerging. Across our clients, we are seeing growing interest in the full range of options, including funds of one, joint ventures, bespoke funds of funds, hybrid funds, multi-asset solutions and managed accounts.

Credit lines reduce the need for multiple capital calls and mean that managers can stay liquid without needing to hold large cash reserves.

One of the primary concerns for UK financial services firms will be their ability to continue to access the European Union (EU) market post-Brexit. The passporting benefits of both the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) could potentially be lost to UK managers and funds.

In an environment where performance has been challenging, the mainstream media continues to ramp up its negative rhetoric about the future of alternative investments. The gist of it seems to be that the 2/20 fee model is not generating the requisite value and that the day of reckoning is nigh.