The year 2025 marked an inflection point for alternatives, as allocators, CIOs, and investment leaders reassessed risk, liquidity, and where durable returns will come from next. From private credit and secondaries to real assets and portfolio construction, the conversations reflected a more disciplined, outcome-driven approach — and offered an early signal of how ALTS strategies are evolving heading into 2026.
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Here are the ALTS conversations that shaped the year — captured straight from the sidelines.
From the Sidelines: Unfiltered Insights from ALTSLA’s 10th Anniversary
ALTSLA’s 10th anniversary marked our largest ALTSLA to date, bringing together LPs, allocators, and CIOs of major public funds to set the tone for the year ahead. From private credit and AI to liquidity and portfolio construction, leaders shared what they believed would shape alternatives in 2025 — and which long-held assumptions were already being challenged. Some of those early calls may surprise you.
From the Sidelines at ALTSNY: KKR, Citi & Union Benefits on What’s Next in Alternatives
By midyear in New York, the conversation had shifted from prediction to proof. LPs, allocators, and CIOs of major public funds compared notes on where capital was actually moving — as higher-for-longer rates, uneven liquidity, private credit momentum, and AI adoption began reshaping real portfolio decisions.
Farmland, AI, and the debate over illiquidity premiums at ALTSSF 2025
By September in San Francisco, the focus turned to execution under real constraints. LPs, allocators, and CIOs of major public funds stress-tested strategies around illiquidity premiums, AI in practice, and nontraditional assets like farmland — raising the bar on manager selection, underwriting discipline, and portfolio construction.
